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SEC suspends trading shares of Hong Kong Blockchain Company

The U.S. Securities and Exchange Commission (SEC) has ceased trading UBI Blockchain firm based in Hong Kong.

08.Jan.18 7:38 AM
By Daria Zaytseva


SEC suspends trading shares of Hong Kong Blockchain Company
UBI, which, as previously reported, says that it is developing a product tracking system using the technology, will see trading of its stock frozen from 9:30 am Eastern Time this morning until January 22, according to a statement by the U.S. regulator.

The SEC said that it stopped trading because of questions about its recent public applications, as well as market activity around the shares of the company, which, according to MarketWatch, has seen its price jump more than 2,000% in the past year.

UBI Blockchain becomes the last firm that trades its stock frozen by the SEC. In the past few months, the agency has temporarily stopped trading around several other firms amid questions about the reliability of their statements.

Those steps were, perhaps, in response to a wave of investors' interest in firms that say they are turning to products and technology services. However, this interest has caused warnings from some market observers, including the self-regulatory organization FINRA.

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