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cryptocurrency January 8, 2018

After its share price soared over 2,000 percent, the SEC has temporarily halted trading of UBI Blockchain’s common stock.

On January 5, 2018, the Securities and Exchange Commission (SEC) released a statement announcing the temporary suspension of securities trading of Hong Kong-based UBI Blockchain Internet, Ltd (UBIA).

The freeze, effective 9:30 a.m. EST today, January 8, will last until January 22, pursuant to Section 12(k) of the Securities Exchange Act of 1934. Reasons for the suspension that were listed by the SEC included inaccuracies in UBIA filings since September 2017 and unexplained market activity in UBIA common stock at least during the following November. In addition, the SEC issued general words of caution to broker-dealers, shareholders, and all prospective purchasers to scrutinize information “subsequently issued by the company,” bearing in mind the issues it identified.

It is further stipulated that broker-dealers refrain from offering quotations for UBIA common stock unless they are in compliance with all provisions of Rule 15c2-11, which governs procedures for both the submission and publication of quotes. Those brokers or dealers with questions or uncertainties regarding compliance are advised to seek counsel from the staff of the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551 5777. The commission said it will promptly enact enforcement measures against those who are in violation and asks that brokers and dealers become familiar with the underlying provisions of the rule.

The SEC invites anyone with information relative to the matter to contact John P. Lucas of the Division of Enforcement’s Cyber Unit at (202) 551-5798 and appreciates the Financial Industry Regulatory Authority for its assistance.

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

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Source: ETHNews