SEC decides to suspend shares of BITCF

The Securities and Exchange Commission, or SEC, the United States governmental body that is known for cryptocurrency market players by its attention to details, decided to temporarily suspend the operations of the First Bitcoin Capital Corp. (“BITCF”), a Canadian corporation, at 9:30 a.m. EDT on August 24, 2017, and terminate this measure at 11:59 a.m. on September 7, 2017.

The Commission made this decision after it started to have serious doubts about the data on the company’s assets and capitals. And hiding the true information on its activities, assets and structure is not something a company, even a cryptocurrency business concern, should do if it decides to operate in the United States, Canada or other first-world countries. In these states, financial supervision agencies do their job very thoroughly and some might even call it censorious or picky.

The First Bitcoin Capital is a company that makes various offers payable with Bitcoin and has a network of Bitcoin ATMs. This is a big company, so the market will widely discuss this event and it will undoubtedly affect the prices of its assets. Of course, no compensation from the SEC will be provided.

The Securities and Exchange Commission will certainly appear in the future news, as there are always companies who would like to hide something. In this particular case, it would be better to know the details of the situation, as they are not described extensively in the statement.