The U.S. Securities and Exchange Commission () is temporarily suspending of shares in a little-known, self-described crypto exchange and firm called Generation (BTGN).
The that it was suspending until 11:59 P.M. Eastern Daylight Time on May 10, 2019 (or 03:59 UTC May 11) due to concerns that some information BTGN has made public may be inaccurate.
Specifically, the is concerned about a bond that BTGN “purportedly acquired from an entity based in the United Kingdom”; how much BTGN stock is outstanding; promotional activity related to BTGN; and the “accuracy and adequacy of current public information regarding BTGN’s financial condition.”
The notice added:
“The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”
Crypto in the Heartland
Based in Bartlesville, Oklahoma, Generation describes itself on as a crypto exchange, offering dollar pairs with , , (listed twice), cash SV, and XRP (listed as “,” despite that company’s insistence it does not control the ).
The site also claims the company runs a facility with more than 10,000 machines.
According to Bloomberg, Generation’s most recent income statement dates back to the third quarter of 2015, though no data from that period was available.
One of Generation’s board members listed by Bloomberg is Janice Gray of Inolife Technologies, the firm under the BTGN ticker according to Google.
image via Shutterstock
Published at Mon, 29 Apr 2019 18:28:39 +0000
