SEC Halts Crypto Stock Over Manipulation Concerns

The trading freeze of the Crypto Company will last until January 3
20 December 2017   851

Yesterday the U.S. Securities and Exchange Commission (SEC) published a notice, stating that it was freezing stock trading for The Crypto Company, which is based in Malibu, California, and offers consulting and investment services around cryptocurrencies.

According to the notice, the SEC said that it was moving to pause trading because of concerns over some of the information published by the company, as well as plans (outlined in public filings) regarding the sale of shares by "insiders." The trading freeze will last until January 3.

The Commission temporarily suspended trading in the securities of The Crypto Company because of concerns regarding the accuracy and adequacy of information in the marketplace about, among other things, the compensation paid for promotion of the company, and statements in Commission filings about the plans of the company's insiders to sell their shares of The Crypto Company's common stock. Questions have also arisen concerning potentially manipulative transactions in the company's stock in November 2017.

 

The U.S. Securities and Exchange Commission

The Crypto Company has seen its stock soar in the past weeks. The price is up more than 1,800% in the past month, with a market capitalization in excess of $11 billion.

Recently, the Crypto Company disclosed a private stock sale to accredited investors at $7 per share, a 97% discount to closing price of $223.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   87

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.
 

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.