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Third in a Month: SEC Moves to Halt OTC Trading for Bitcoin Firm
The U.S. Securities and Exchange Commission has frozen the trading of shares for a bitcoin-related firm for the third time this month.
By Stan Higgins
Updated Sep 13, 2021, 6:52 a.m. Published Aug 28, 2017, 10:00 a.m.
The U.S. Securities and Exchange Commission (SEC) has ordered a temporary freeze on trading for a publicly listed bitcoin exchange company.
On August 24, officials for the securities markets regulator announced a trading suspension for American Security Resources Corp. (ARSC), effective until 11:59 am ET on September 8, 2017.
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The company – which has changed hands several times, according to existing SEC filings – declared at the start of this month that it would move to launch a cryptocurrency exchange, moving to rebrand as the Bitcoin Crypto Currency Exchange Corporation.
It was those statements and others issued at the time that appear to have sparked questions from the SEC, according to the August 24 order.
According to the SEC:
"The Commission temporarily suspended trading in the securities of ARSC because of questions that have arisen regarding publicly available information about the company in press releases on OTCMarkets.com, dated August 1, and August 8, 2017, concerning, among other things, the company’s business transition to the cryptocurrency markets and early adoption of blockchain technology."
As previously reported by CoinDesk, in the past month, the SEC has moved to suspend trading on at least two other bitcoin-related companies that are publicly listed on over-the-counter (OTC) markets.
Shares for one of those companies, CIAO Group, appear to have resumed trading, according to data from Bloomberg. In a letter to shareholders, released by the second firm late last week, First Bitcoin Capital pushed back against the SEC suspension and pledged to have it removed.
Red traffic light image via Shutterstock
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