The US securities watchdog has temporarily suspended trading in Vortex Blockchain Technologies shares until October 6. The Securities and Exchange Commission (SEC) cited confusion about the nature of Vortex’s business and the value of its assets as the reason for the temporary suspension.
Vortex Blockchain Technologies Inc, formerly UA Granite Corporation, has developed a variety of applications in the crypto space. According to reports Activities include cloud mining, blockchain hardware and software development, and an exchange and wallet for cryptocurrencies.
The company, which failed to file certain periodic reports with the SEC, only went public in August this year. In 2019, a 10-Q report from the SEC found that the company had “received a going concern statement,” and it added:
“It relies primarily on the sale of our securities and loans by its CEO and directors to fund the business.”
In July of this year, the CEO and Director, Craig Bergman said in an interview with Forbes that he was quietly mining Bitcoin (BTC) and other cryptocurrencies to help fund the company’s expenses.while you catch up on SEC files.
Bergman founded the company in 2013 and merged with Vortex Networks, LLC in 2018.
He is the former political director of the presidential candidate Ron Paul, who is known to Bitcoiners as the author of “End the Fed” and who campaigns for the abolition of the US Federal Reserve System. The book is popular with the crypto community for its Austrian economic views on the Federal Reserve’s money printer, the importance of hard money, and the end of the gold standard. In 2014 Bergman made his own documentary “Unfair”: Exposing the IRS, which shows a similar aversion to the tax authorities.
Vortex is far from the first publicly traded company to receive a commercial suspension from the SEC for its cryptocurrency-related activities. In 2017, the SEC also stopped trading the technology company CIAO Group in Nevada as an initial coin offering (ICO) was planned.
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