Publicly traded company Riot has filed with the Securities and Exchanges Commission () to launch a new regulated called RiotX in the U.S. by the end of 2019. The regulator the documents on March 14.
The company declares in the filing that its subsidiary, RiotX Holdings Inc, would operate the new exchange. Furthermore, the exchange’s services would be handled by an Application Programming Interface (API) created by software company SynapseFi.
The API is planned to, among other functions, serve as a security enhancement by tracking user location in order to prevent fraudulent use of the service. For instance, improper use would include the use of the exchange in U.S. member states where it is not allowed, more precisely Wyoming and Hawaii.
RiotX users would be allowed to create accounts connected to accredited banking institutions in the U.S., and transfer and hold both and . Per the filing, the exchange will also be collaborating with exchange software provider Shift Markets.
As Cointelegraph in August last year, the had intensified its investigation into crypto firm Riot, which came to the regulator’s attention in April 2018.
The ’s investigation and subpoena information request began after Riot changed its name to include at the peak of industry hype, and shifted their focus from biotechnology to . The regulator had previously that firms that changed their name to include would face increased scrutiny.
More recently, a by Cointelegraph provides details about another similar instance: Long Corp., previously known as Long Island Iced Tea, a publicly traded company that shifted from its beverage production business to . As of the beginning of March, Long Corp. their beverage business, more than a year after their name change.
Published at Sat, 16 Mar 2019 14:15:02 +0000
