U.S. regulators have implemented a temporary trading suspension on the stock of Vortex Blockchain Technologies until 6th October. The SEC [Securities and Exchange Commission] cited confusion over the character of Vortex’s business operations & therefore the value of their assets as the reason behind the temporary suspension.
Vortex Blockchain Technologies Inc., formerly UA Granite Corporation, has been developing several apps within the cryptocurrency ecosystem. Its activities reportedly embody cloud mining, blockchain hardware, and software development, as well as crypto wallet & exchange.
The firm, that has not filed certain required reports with the SEC, solely started trading publicly earlier in August this year. Also earlier in 2019, an SEC 10-Q Report added that the firm “has been issued a going concern opinion,” adding:
“It relies primarily upon the sale of our securities & loans from its CEO and directors to fund operations.”
Earlier in the month of July this year, the CEO and director, Craig Bergman, revealed within an interview with Forbes that he was secretly mining Bitcoin [BTC] along with other cryptocurrencies so as to fund the company’s expenses, while he trapped on filings with the SEC.
Bergman incorporated the form earlier in 2013 & reverse merged it with Vortex Networks, LLC in 2018.
He is the former Political Director for Presidential candidate Ron Paul, who is documented to Bitcoiners by the author of End the Fed, which advocates the abolition of the United States Federal Reserve System.
Vortex is way far from the primary publicly-traded company to receive a trading suspension from the SEC due to its cryptocurrency-related activities. Earlier in 2017, the SEC also suspended trading for Nevada technology company CIAO Group for its plans to initiate an ICO [Initial Coin Offering].