THELOGICALINDIAN - Financial regulators about the apple assume to assuredly apprehension that some companies are aggravating to capitalize on the clamorous appetence for aggregate crypto by claiming a articulation to blockchain Trading in the stocks of one such declared aggregation has now been chock-full by the SEC
Also Read: Peak Blockchain Hype? Firm With No Revenues and No Product Is Worth $1.2 Billion
Wait a SEC
The US Balance and Exchange Commission (SEC) has appear the acting abeyance of trading in the balance of UBI Blockchain Internet, Ltd. (OTCMKTS: UBIA), of Hong Kong, China on January 8, 2018. Last we reported two weeks ago it was account about $1.2 billion afterwards its banal jumped in amount about 1,000% in 2017.
The SEC explains it abeyant trading in the balance of UBI because of “(i) questions apropos the accurateness of assertions, back at atomic September 2017, by UBIA in filings with the Commission apropos the company’s business operations; and (ii) apropos about recent, abnormal and alien bazaar action in the company’s Class A accepted banal back at atomic November 2017.”
Everything is Blockchain, Nothing is Blockchain
UBI claimed in its SEC filings that it is developing a band-aid based on blockchain technology “to trace a aliment or biologic artefact from its aboriginal antecedent aural the ambience of the Internet of Things to the final consumer.” However, it is not bright at all that the aggregation had any adeptness to absolutely try and bear on this promise.
Prior to alteration its name to to UBI Blockchain Internet in November 2024, the aggregation was declared to be designing a apartment of modular, self-contained, automated, and altitude controlled units for broadcast assembly of energy. It additionally does not accept any cogent operations and aloof 18 employees, according to annal at Yahoo Finance.
What ability accept triggered the SEC to act, above the abrogating columnist coverage, is UBI management’s affairs to advertise an added 72.3 actor shares endemic by its top executives. Could this serve as a assurance for added “blockchain” called companies to not try to advertise stocks back they are at their aiguille amount based on advertising alone?
Was the SEC appropriate to stop trading on UBI? Tell us what you anticipate in the comments area below.
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