29 Sep '16, 3pm

Regulators Block Sale of Bitcoin Miner Avalon

Regulators Block Sale of Bitcoin Miner Avalon

A deal that would have seen Chinese manufacturer Shandong Luyitong purchase bitcoin mining hardware firm Canaan is no more. The deal is said to have been scuttled as a result of apprehension on the part of regulators from the Shenzhen Stock Exchange, which was weighing whether to approve the deal, first revealed in June . Representatives from Canaan said that following months of auditing, stock exchange officials balked because of the perceived risks and uncertainty surrounding both the company and bitcoin as a technology. Luyitong did not immediately respond to a request for comment. Signs that the acquisition might face problems emerged weeks after it was first announced. At the time, Shenzhen Stock Exchange officials reportedly moved to scrutinize the deal more closely, according to local sources . Had it been approved, the acquisition would have been the biggest in the...

Full article: http://www.coindesk.com/regulators-block-sale-bitcoin-min...

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