Bitcoin Generation (BTGN), a crypto mining and exchange firm, has suffered a temporary suspension in trading of shares from the U.S. Securities and Exchange Commission (SEC)
Due to some inaccurate information BTGN gave to the public, the regulator decided to suspend the company’s trading on Monday until May 10, 2019 ( 11:59 P.M. Eastern Daylight Time).
SEC said that the bond that BTGN:
“purportedly acquired from an entity based in the United Kingdom; how much BTGN stock is outstanding; promotional activity related to BTGN; and the “accuracy and adequacy of current public information regarding BTGN’s financial condition.”
SEC also added that:
“The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”
Bitcoin Generation market itself on its webpage as a crypto exchange that offers dollar trading pairs with cryptocurrencies like bitcoin, bitcoin cash SV, ethereum, litecoin, XRP, and monero. The company has listed litecoin twice and listed ripple which it confirmed that it doesn’t offer.
Another inaccurate data is the company’s claim of 10,000 machines in its mining facility.
The most recent income statement for Bitcoin Generation’s is the one from the third quarter of 2015, even when it had no data for that period, according to Bloomberg.