Home Blockchain SEC halts trading for blockchain company run by former Ron Paul staffer

SEC halts trading for blockchain company run by former Ron Paul staffer



The United State’s securities watchdog has placed a temporary trading suspension on the stock of Vortex Blockchain Technologies until October 6. The Securities and Exchange Commission (SEC) cited confusion over the nature of Vortex’s business operations and the value of their assets as the reason behind the temporary suspension.

Vortex Blockchain Technologies Inc, formerly UA Granite Corporation, has been developing a variety of applications in the cryptocurrency space. Its activities reportedly include cloud mining, blockchain hardware and software development, and a cryptocurrency wallet and exchange.

The company, which has not filed certain periodic reports with the SEC, only started trading publicly in August this year. In 2019, an SEC 10-Q Report stated that the company “has been issued a going concern opinion,” adding:

“[It] relies primarily upon the sale of our securities and loans from its CEO and directors to fund operations.”

In July this year, the CEO and director, Craig Bergman, said in an interview with Forbes that he was quietly mining Bitcoin (BTC) and other cryptocurrencies in order to fund the company’s expenses, while he caught up on filings with the SEC.

Bergman incorporated the company in 2013 and reverse merged it with Vortex Networks, LLC in 2018.

He is the former Political Director for Presidential candidate Ron Paul, who is well known to Bitcoiners as the author of End the Fed, which advocates the abolition of the U.S. Federal Reserve System. The book is popular among the crypto community for its Austrian style economics views about the Fed’s money printer, the importance of hard money and the end of the gold standard. In 2014 Bergman made his own documentary Unfair: Exposing the IRS which demonstrates a similar distaste of the financial authorities.

Vortex is far from the first publicly traded company to receive a trading suspension from the SEC due to their cryptocurrency-related activities. In 2017, the SEC also suspended trading for Nevada technology company CIAO Group for its plans to hold an initial coin offering (ICO).



Read orginal here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
474FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,552FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.18
GBP
1.30
CHF
1.10
NOK
0.11
JPY
0.01
CAD
0.76
AUD
0.71

Most Popular

Ontology Takes Centre Stage at Blockchain Expo Tokyo | by The Ontology Team | OntologyNetwork | Oct, 2020

Following the launch of our highly anticipated bespoke automotive solution and our recent partnership with global financial and mobility services provider, Daimler Mobility, Morio...

Bitcoin can’t help bank the unbanked claims Mastercard CEO

Bitcoin cannot function as an inclusive currency for the unbanked due to its volatility, Mastercard CEO Ajay Banga said during Tuesday’s Fortune Global Forum...
bitcoin
Bitcoin (BTC) $ 13,697.09
ethereum
Ethereum (ETH) $ 403.99
ripple
XRP (XRP) $ 0.252049
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 265.35
bitcoin-cash-sv
Bitcoin SV (BSV) $ 174.57
litecoin
Litecoin (LTC) $ 59.21
eos
EOS (EOS) $ 2.65
binancecoin
Binance Coin (BNB) $ 31.63
okb
OKB (OKB) $ 4.62
tezos
Tezos (XTZ) $ 2.07
leo-token
LEO Token (LEO) $ 1.28
cardano
Cardano (ADA) $ 0.100858
monero
Monero (XMR) $ 132.64
stellar
Stellar (XLM) $ 0.081223
chainlink
Chainlink (LINK) $ 11.83
huobi-token
Huobi Token (HT) $ 4.29
tron
TRON (TRX) $ 0.026948
usd-coin
USD Coin (USDC) $ 0.999506
dash
Dash (DASH) $ 70.45
neo
NEO (NEO) $ 16.86
iota
IOTA (MIOTA) $ 0.276664
nem
NEM (XEM) $ 0.096403
zcash
Zcash (ZEC) $ 60.55
maker
Maker (MKR) $ 585.53
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 5.49
vechain
VeChain (VET) $ 0.011283
true-usd
TrueUSD (TUSD) $ 0.999443
ftx-token
FTX Token (FTT) $ 4.00
kucoin-shares
KuCoin Shares (KCS) $ 0.852026
waves
Waves (WAVES) $ 3.14