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United States

Trading of OTC-traded technology company shares suspended by the SEC

August 11, 2017 by Beatrice OZANNE

Citing concerns about the accuracy of a planned ICO, the U.S. Securities and Exchange Commission (SEC) decided to suspend the trading of OTC-traded technology company shares. The suspension is scheduled to last until August 23.

The order targets CIAO Group firm (later rebranded as NuMelo Technology) which made an announcement about the ICO plans back in July 2017 with the aim of bringing blockchain technology backed financial products to the African market.

The suspension confirms SEC’s incised supervision of the cryptocurrency markets.

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