Bitcoin Group Scolded by Regulator After IPO Statements
The Australian Securities and Investments Commission (ASIC) has banned a bitcoin company from issuing statements on its proposed initial public offering (IPO) until a formal prospectus has been lodged. The ban was imposed following a post by Melbourne-based Bitcoin Group on social media platform Wechat to gauge interest from investors if the company were to be listed on the Australian Securities Exchange (ASX). ASIC commissioner John Price said:
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Australian Securities and Exchange Commission (ASIC) has barred Bitcoin Group from publishing any statements regarding the initial public offering (IPO) of its shares. The reasons for issuing the this interim "stop order" however are not disclosed either on ASIC or the Bitcoin Group's website. But by looking at the current standards of such an order, it can be said that the company was either submitting documents that were misleading or deceptive, or was simply lacking certain information required under the legislation. It is also possible that a new circumstance was emerged after the....
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