Regulator raps Australian bitcoin IPO hopeful for China social media marketing

Regulators ordered Australia's Bitcoin Group Ltd to stop making public statements about its plans to undertake the world's first initial public offering of a virtual currency exchange after the company approached potential Chinese investors via social media. Melbourne-based start-up Bitcoin Group told Reuters in December it hoped to raise A$20 million ($15.6 million) on the Australian Stock Exchange and has been seeking expressions of interest from potential investors from the Chinese community through Wechat, China's hugely popular instant messaging service. The Australian Securities and Investments Commission (ASIC) said on Friday it was prohibiting Bitcoin Group from making any further statements about its planned listing until it had filed a prospectus.



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