US SEC Suspends Company for False Claims

As of 22 October, the American Retail Group, Inc., also known as SIMEX, Inc. was suspended by the Securities and Exchange Commission for false claims on approval. The company has done two press releases back in August claiming to to have a partnership with an SEC-qualified custodian for cryptocurrency related transactions

The said company was also carrying out a public offering which it declared as officially registered and in compliance with SEC requirements.

The Reason for SEC Suspension

In August company, SIMEX Digital Asset Exchange announced the public offering of its shares where they claimed that it has conformed to the official standards set by the SEC.

Public offering meets official SEC requirements. It is intended to use the raised funds to boost the liquidity of the SIMEX cryptocurrency called SMX tokens and develop new services offered by the platform.

SIMEX August Press Release

10 million shares are provided with a price of $20 per share. One preferred share can be converted to 20 SIMEX tokens (SMX). BTC, ETH, LTC, DASH, and EOS can also be purchased by its investors.

An equal amount of shares from the American Retail Group Inc. will be reserved for the holders of SMX. This means that if the shareholder holds on to the preferred shares for 90 days before dividends payout, he/she can receive dividends.

According to SIMEX, additional discount benefits come with owning SMX or paying for services and products using their tokens. The discount rate depends on the quantity of tokens held in an account.

A Call for Caution

The Head of the SEC Enforcement Division’s Cyber Unit, Robert A. Cohen, urged the public to be vigilant as cryptocurrency custodians are not endorsed or qualified by the regulatory body.

In the second week of this month, the SEC published an Investor Alert notifying investors to beware of virtual asset investments that are alleged to be SEC and CFTC endorsed.

Related news

Tron CEO Justin Sun Wants to Prove Crypto Is Not a Scam: Hires Former SEC Official

By Tron founder Justin Sun is out to prove that crypto is not a scam ― despite hyperbolic emotional protestations by haters that it is. To this end, Sun hired a former SEC employee to be the first compliance director for Tron, a blockchain platform for supporting smart contracts and high throughput. Sun believes that The post Tron CEO Justin Sun Wants to Prove Crypto Is Not a Scam: Hires Former SEC Official appeared first on CCN

China and USA Trade War Truce on the Horizon? New Proposal Could Peacefully Settle the Issues?

The American and Chinese Trade War has been going on for a while and has been well publicized? Many on both ends of the political spectrum have questioned the Presidents rationale in taking on the fasted growing economy in the world. At one stage things came to a head, both countries were warning the other of severe repercussions that would follow any further escalation. However, that threat seems to be passed as the latest announcement says that the Chinese government has proposed to spend heavily into buying goods made in the U.S., as a countermeasure to reduce and hopefully eliminate the existing trade gap. According to reports China is planning on spending more than $1 Trillion on the US made goods that will help drastically reduce the US Trade Deficit. This is seen as reciprocation to the olive branch proposed by the US. It is believed that the US administration was planning to lift some of the tariffs to ease and de-escalate the ongoing trade war. Chinas Long Term Solution. According to reports by a news outlet, Bloomberg, China has proposed to increase their purchase of U.S. goods over a period of time to help balance the trade sheets. They intend to do so by incrementally increasing their annual imports over the next six years. However, if the US is to reduce their trade deficit to zero by 2024, it would need China to spend upwards of $1 trillion in US goods. Encouraging Signs The governments of both nations have been playing a game to see who blinks first. The Trump administration had fired the opening salvo last year when they imposed duties to the tune of about $200 billion on Chinese goods. When China responded in kind, the US government threatened them with more tariffs. The issue only began losing steam in December when the leaders of both nations, Mr. Trump and Mr. Jinping, met at the G20 summit in Argentina and spent time discussing the ongoing issue. Last month, delegates from both countries met last month in order to de-escalate the issue. A major win was the hard-fought truce to allow both countries to ponder over their options. Since then, talks over trade issues has been progressing rather well. So much so that the US is looking at the option of removing the tariffs imposed earlier, to give China a bigger incentive to negotiate a new deal. According to reports from Bloomberg, yesterday, last week the trade delegation of America and China met where the Chinese mission, reportedly, agreed to buy more U.S. farm and agricultural products as well as allow more access to Chinese markets. This sort of cooperation bodes well for the two superpowers, while there is a lot of drama surrounding Huawei Technologies Corp, and the accusations of spying. This is certainly a positive step in the right direction. It still needs to be seen if these steps can lead to a fruitful result and Mr. Trump can prove his detractors wrong by showing them the art of the deal.
Bitcoin Exchange Guide

USA: Blockchain Technology to Revitalize the Health Department’s Contract Acquisition Function

According to a report by FedTech Magazine published on January 18, 2019, the U.S. Department of Health & Human Services (HHS) is moving ahead with its new data monitoring tool called HHS Accelerate to streamline the process of procuring and executing contracts. Department of Health Embraces Distributed Ledger Technology Blockchain technology continues to find new avenues for use across various industry...Read More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.