Crypto Stock That Surged 900% in 2017 Is Hit With SEC Halt
- UBI Blockchain suspended due to ‘unexplained market activity’
- Agency concerned investors may not be getting accurate data
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A Hong Kong-based company whose stock benefited from cryptocurrency fever to jump more than 900 percent last year had trading in its shares suspended by U.S. regulators over concerns that investors are being misled about its business.
The Securities and Exchange Commission halted buying and selling of UBI Blockchain Internet Ltd. due to “unusual and unexplained market activity” for its shares, according to a statement issued Monday by the regulator. The SEC added that there are questions about the accuracy of assertions that the company has made in its financial statements.