The United States Securities and Exchange Commission (SEC) has recently imposed temporary trading suspension on Vortex Blockchain Technologies. This suspension has been placed on the stock of the firm until October 06, 2020. According to the SEC, this suspension is because there are several confusions regarding the nature of business operations of the firm. The asset value of Vortex Blockchain also seems quite suspicious, hence there was a need for this temporary suspension.
Vortex Blockchain Did Not File Certain Periodic Reports With SEC
It has been stated by the SEC that the firm has not filed several periodic reports with them. Vortex Blockchain has been developing different applications in the crypto space. These activities include cloud mining, crypto wallet, exchange, and blockchain hardware & software development.
Craig Bergman, CEO and Director at Vortex Blockchain Technologies, has said that he was mining Bitcoin and other cryptocurrencies in order to fund the expenses of the firm. He also mentioned that he was caught up on SEC filings due to crypto mining. The firm was established in 2013 and was formerly known as UA Granite Corporation. The merger with Vortex Networks, LLC took place in 2018 and since then it is named as Vortex Blockchain Technologies Inc.
Vortex is Not First to Receive Trading Suspension
SEC is very well known for maintaining strict regulatory requirements when it comes to cryptocurrency and blockchain technology. Vortex could not be seen as the first crypto-related firm that has received trading suspension from the securities watchdog. Back in 2017, the SEC also imposed the trading suspension on CIAO Group. This suspension was because the firm has not provided proper information regarding the securities of the firm as it has been planning to hold an ICO. The major purpose behind this suspension was public interest and the protection of the investors.