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The publicly traded US company Riot Blockchain filed with the Securities and Exchange Commission (SEC) the launch of a new regulated cryptocurrency exchange called RiotX in the United States by the end of 2019. The regulator regulations issued the documents on March 14.
The company states in the filing that its subsidiary, RiotX Holdings Inc., would operate the new exchange. In addition, the central bank's banking services would be managed by an API (Application Programming Interface) created by the software company SynapseFi.
The API should, among other functions, serve to improve security by tracking the location of the user to prevent the fraudulent use of the service. For example, inappropriate use would include the use of trade in US member states where it is not allowed, specifically in Wyoming and Hawaii.
RiotX users would be allowed to create accounts connected to accredited banking institutions in the United States, to transfer and retain fiat and cryptocurrencies. According to the ranking, the exchange will also collaborate with the exchange software provider Shift Markets.
As Cointelegraph reported last August, the SEC had stepped up its research on cryptographic mining company Blockchain Riot, which was reported to the regulator in April 2018.
The SEC's investigation and request for information on subpoenas began after Riot Blockchain changed its name to include blockchain at the height of the industry's hype and is now focusing more on biotechnology than the mining sector. The regulator had previously noted that companies that changed their name to include the blockchain would be subject to increased scrutiny.
More recently, a dedicated badysis by Cointelegraph provides details on another similar case: Long Blockchain Corp., formerly known as Long Island Iced Tea, a publicly traded company that has moved from the beverage business to extraction. In early March, Long Blockchain Corp. sold his beverage business, more than a year after the name change.
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