SEC suspends trading in cryptocurrency products over ETF confusion

Yu Chun Christopher Wong | S3studio | Getty Pictures

A visible illustration of the digital Cryptocurrency, Bitcoin, is seen on September 04 2018 in Hong Kong, Hong Kong.

The U.S. securities watchdog has halted trading in two cryptocurrency-related products due to confusion over the character of the monetary products.

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The securities, Bitcoin Tracker One and Ether Tracker One, had been slapped with a suspension discover by the Securities and Trade Fee (SEC) on its web site.

The regulator stated that broker-dealer software supplies and trading web sites characterised the products as exchange-traded funds (ETFs) – listed funds that monitor a basket of belongings.

As a substitute, the securities are “non-equity linked certificates,” the SEC stated, citing the products’ issuer. The SEC ordered trading to be halted till September 20.

“It seems … that there’s a lack of present, constant and correct info regarding Bitcoin Tracker One (Ticker Image: CXBTF) and Ether Tracker One (Ticker Image: CETHF), issued by XBT Supplier AB (publ), a Swedish firm headquartered in Stockholm, ensuing in confusion amongst market individuals relating to these monetary devices.”

It added: “The Fee is of the opinion that the general public curiosity and the safety of buyers require a suspension of trading in the securities of the above quoted firm.”

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