The SEC suspends the trade of shares of the company UBI Blockchain of Hong Kong

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The SEC suspends the trade of shares of the company UBI Blockchain of Hong Kong
The Securities and Exchange Commission of the United States (SEC) has suspended the trading of UBI Blockchain shares based in Hong Kong.

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UBI, which Bloomberg reported, says it is developing a product tracking system using the technology, will see the sale of its shares frozen from 9:30 AM this morning until January 22, according to a statement from the US regulator.

The SEC said it was moving to stop trading due to questions about its recent public presentations, as well as market activity around the company's stock, which according to MarketWatch has seen its price jump more than 2,000% in the last year.

The agency explained :

"The Commission temporarily suspended the negotiation of the UBI securities due to questions about the accuracy of the assertions, at least since September 2017, by UBI in the filings with the Commission regarding the company's commercial operations, and also concerns about recent unusual and unexplained market activity in the company's Class A ordinary shares since at least November 2017 "

UBI Blockchain becomes the last company to freeze the trade of its shares by the SEC. In recent months, the agency has temporarily stopped trade in several other companies amid questions about the veracity of their statements.

Those moves were, perhaps, in response to a wave of interest among investors in firms that say they are pivoting towards technology products and services. However, that interest has prompted warnings from some market surveillance agencies, including the FINRA self-regulatory organization.

Source: CoinDesk
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