The majority shareholder of the TZERO Crypto exchange is Overstock, which will be closed on March 6, according to Twitter. The company said it would continue to work on its regulated securities after the closure, as the American Securities Trading Association (SEC) and other regulatory organizations clarified the litigation status of data encryption assets.
TZERO is an Internet finance company headquartered in New York. It is convenient for individual companies that need to be listed to sell securities. In the login password area, tZERO is best known for providing symbolic individual stocks or "data securities" that are likely to be bought and sold on block chains.
According to tZERO's Aug. 26 press release, online retailer Overstock owns about 55% of the company.
In 2019, tZERO released a traditional login password exchange called tZERO Crypto, which allows users to trade and own BTC (BTC), ETH (ethernet), bitcoin (LTC) and other digital currencies. However, in this recent announcement on February 3rd, the company confirmed that it would close the exchange on March 6.
In the announcement, tZERO hinted that the unregulated access password exchange was out of date and said: "for us, a lot of data assets will be called securities and payments in the regulated ecosystem." The statement further explained:
While SEC and other regulatory organizations, including due to recent events, have clarified the regulatory environment that surrounds data encrypted assets, we will continue to work on your distinctive regulated securities business process, which I always believe will be the financial exchange for most data asset securities.
Related to:Australia publishes data encryption asset classification scheme
The company said the closure was set for March 6, so that "clients can methodically acquire assets, which are still owned by fund custodians". It does not clarify whether trading security tokens on the tZERO ATS Stock Exchange will be jeopardized by tZERO Crypto cancellation. Cointelegraph contacted tZERO ATS to clarify this point, but could not get a reply at the time of release.
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