Bitcoin Group Withholds Its IPO for the Fifth Time

News and Analysis

According to the Sydney Morning Herald, local bitcoin company Bitcoin Group seeking to be listed on the ASX, has to release yet another supplementary prospectus, which is a third in a row, and withhold its listing until January. This delay is caused by the Australian Securities and Investments Commission, which so far has relased two stop orders on the company’s previous efforts to float.

Troubles with the second listing attempt are related to the fact that local rules require a company to return all the money it has raised so far, should the listing occurs more than three months later than the prospectus is lodged. Bitcoin Group’s second prospectus stated the listing date was on January 6, which is evidently more than 3 months as of its lodgind with the ASIC, which had occured on September 4.

The target amount for Bitcoin Group’s investment round is $20 million.

This instance may become a perfect example of mutual misunderstanding between the cryptospace and the traditional ecosystem. Official requirements may seem ridiculous to enthusiastic innovators, otherwise they would not have neglected such a straightforward stipulation concerning the three-months period. On the other hand, ASIC is known for throwing monkey wrench into cryptocurrency businesses.

Australia, once one of the most bitcoin-friendly countries in the world, gradually becomes more hostile to the innovations. This year was marked by sudden blockage of bank accounts of almost every bitcoin business in the country.

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