3 years ago
Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Chinese crypto mining rig shaper Canaan (CAN) connected Thursday greeting disclosed it has travel nether the regard of the U.S. Securities and Exchange Commission (SEC) for its ties to Beijing.
At issue, according to the SEC, is Canaan's usage of an auditor for its 2021 yearly study that the U.S. Public Company Accounting Oversight Board (PCAOB) could not afloat inspect oregon investigate, said the institution successful a filing. Said auditor was KPMG Huazhen LLP.
Finalized successful 2021, the Holding Foreign Companies Accountable Act (HFCAA) was aimed astatine removing from U.S. nationalist markets those companies controlled by overseas governments.
Canaan has until May 25 to record documentation with the SEC to beryllium that it is not "owned oregon controlled" by a overseas government, according to the HFCAA. If Canaan were to stay arsenic an "identified" issuer for 3 consecutive years, it risks being delisted from U.S. markets, including over-the-counter trading.
"The Company volition proceed to comply with applicable laws and regulations successful some China and the U.S., and strive to support its listing presumption connected Nasdaq," Canaan's Thursday filing said.
The SEC and Canaan could not beryllium reached for remark astatine the clip of publication.
Canaan is 1 of implicit 70 companies so-identified yesterday, with different names including electrical conveyance makers XPeng and Nio, e-commerce giants JD.com and Trip.com, and the shaper of 1 of China's covid vaccines, Sinovac Biotech.
Alongside a much than 3% plunge successful the broader banal marketplace and bitcoin (BTC) connected Thursday, China-linked crypto mining-related stocks are besides headed sharply lower, with Canaan (CAN), Ebang (EBON), Bit Digital (BTBT), and Bit Mining (BTCM) each disconnected 6%-10%.
Bitdeer and BitFuFu are 2 China-born mining companies that are looking to spell public via SPAC deals with Blue Safari Corporation (BSGA) and Arisz Acquisition Corp. (ARIZ), respectively.
In 2015, KPMG Huazhen and different 3 Chinese branches of planetary accounting firms settled a lawsuit brought against them by the SEC for failing to nutrient documents related to fraud investigations. The firms paid $500,00 each and admitted that they didn't produced the required documents.
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Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
Aoyon Ashraf is crypto mining newsman with much than a decennary of acquisition successful covering equity markets
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