The Securities and Exchange Commission (SEC) has ordered the suspension of trading for Bitcoin Generation, Inc. The company traded under the symbol BTGN on OTC Markets Link (previously Pink).
According to a profile on OTC Markets, Bitcoin Generation is an Oklahoma based company that “specializes in the development of blockchain technology application, cryptocurrency mining, and cryptocurrency trading. The company owns 18.2 million Bitcoin Generation Token as well as 4.1 billion Bitachon Token.”
The company’s website claims to be the first publicly traded cryptocurrency exchange.
As of April 26, 2019, BTGN had a quoted market cap of $76.9 million.
The SEC Order of Suspension was issued:
“… due to concerns regarding the accuracy and adequacy of publicly available information in the marketplace about BTGN, including, among other things, questions about: (1) BTGN’s public statements regarding the viability and valuation of a bond that BTGN purportedly acquired from an entity based in the United Kingdom; (2) the amount of BTGN’s outstanding common stock; (3) stock promotional activity relating to BTGN and the market impact of such promotional activity; and (4) the accuracy and adequacy of current public information regarding BTGN’s financial condition.”
Bitcoin Generation issued a press release in 2018 stating it had acquired a €20 million bond paid for in crypto.
This is not the first company affiliated with blockchain and crypto to receive an order of suspension from the SEC. The Commission has indicatd it will not tolerate actions it deems questionable related to publicly traded firms.
The suspension is currently in place until May 10, 2019.
SEC v. Bitcoin Generatino Inc. 34-85739-o