SEC suspends trading in securities of Bitcoin Generation

Maria Nikolova

The suspension commences at 9:30 a.m. EDT on April 29, 2019, and terminates at 11:59 p.m. EDT on May 10, 2019.

The United States Securities and Exchange Commission (SEC) has announced the temporary suspension of trading in the securities of Bitcoin Generation, Inc. (BTGN), of Bartlesville, Oklahoma. The suspension commences at 9:30 a.m. EDT on April 29, 2019, and terminates at 11:59 p.m. EDT on May 10, 2019.

The action reflects concerns about the accuracy and adequacy of information in the marketplace about, among other things, (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.

The regulator warns 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.

In addition, brokers and dealers should be alert to the fact that, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to BTGN’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.

This marks yet another action against cryptocurrency-related business by the SEC. In October 2018, for instance, the regulator suspended trading in the securities of American Retail Group, Inc. (ARGB), also known as Simex Inc, over making of false cryptocurrency-related claims.

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