The Security and Exchange Commission (SEC) has directed that the trading should be stopped with immediate effect in the crypto exchange Bitcoin Generations. This action is temporary and will be applicable by April 29 to May 10 after that the normal trading session will start.
This announcement has been made in a haste and the SEC has said that this action will be taken owing to the security measures.
So far, there is no proper regulations and accuracy in the market. The accuracy should be applied to the financial condition of the company and also on the advertisement campaigns.
All the activities should be in compliance with the provided commission rules and should not violate their terms and conditions and the Commission further warn the investors, dealers, and buyers about the privacy concerns.
SEC further requests stakeholders not enter into any deal with any Bitcoin generation unless they follow the rules and regulations effectively. This step will curb the flaw in the crypto-sector and make it more reliable.
There are growing numbers of fake claims about the issue of approval of crypto-trading by SEC as recently, one of the firms in Nevada made this claim and SEC was not even aware of that upon the revelation of this news the SEC has stopped the trading in that company.
There is a company in Oklahoma and the SEC is skeptical about the worth of the bonds taken by an entity in the UK.
After this, about twenty-four and a half million dollars ($24.4m) worth has been traced and the CEO of the Bitcoin Generation termed it as a good initiative for ensuring security in crypto-sector. However, this temporary suspension of trading by SEC will help to bring positive reforms and regulation in the crypto-market.