ASIC released a statement saying that it had placed a stop order, prohibiting the company from publishing any statements concerning its intention to list publicly in Australia. This comes after the company posted information about its proposed IPO on Chinese social media platform WeChat.
According to ASIC, Bitcoin Group posted publications via the social media platform seeking expressions of interest from potential investors to subscribe for shares if the company goes ahead with its proposed listing on the Australian Securities Exchange (ASX).
In October 2014, the company published a media release stating that it expected to list on the ASX by mid-November 2014. However, now ASIC says that the company’s publications relating to its proposed IPO were made known via WeChat before Bitcoin Group was registered as an Australian company by the Commission, and before the lodgement of a formal disclosure document.
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