The Securities and Exchange Commission (SEC) said on Thursday that it has temporarily suspended trading in shares of First Bitcoin Capital, an OTC-traded Canada-based company that has seen its market capitalization grow 43% in the last week and 6072% this year.
In deciding to suspend the stock, which trades on over-the-counter markets, the SEC cited concerns on the validity of its public filings, including information about the value of BITCF’s assets and its capital structure.
“The Commission temporarily suspended trading in the securities of BITCF because of concerns regarding the accuracy and adequacy of publicly available information about the company including, among other things, the value of BITCF’s assets and its capital structure. This order was entered pursuant to Section 12(k) of the Exchange Act,” the SEC wrote in its suspension notice.
First Bitcoin Capital Corp (OTC-PINK: BITCF) is a Vancouver-based company engaged in developing cryptocurrencies, including its first ICO -Altcoin (ALT), and proprietary Blockchain technologies. It also operates the digital currency exchange CoinQX.
Last week, the US securities watchdog suspended another company tied distantly to the cryptocurrency industry after temporarily halting trading in shares of CIAO Group, citing concerns over the Nevada technology company’s planned initial coin offering (ICO).