The Suspension
On April 29, the United States SEC announced a temporary suspension order on the trading of Bitcoin Generation shares (BTGN) pending an investigation into the company’s acquisition of a €20 Million bond.
In March 2018, Bitcoin Generations acquired a bond from QuickWash Ltd in exchange for a sum of its native utility tokens, Bitcoin Generation Coins (BGC) and Bitachon tokens (BTA), as well as common shares in the company to the value of €20 Million.
Inside the document, the SEC outlined 4 main issues surrounding the “accuracy and adequacy of information” of the purchased bond, and ordered Bitcoin Generation to provide evidence on the matter to satisfy their concerns.
These included;
“(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 outstan...