Riot Blockchain plans to engage in futures operations

Media reports that the US Securities and Exchange Commission has received an application to open another trading platform for futures transactions with digital currencies. Former biotech company Riot Blockchain has announced its intentions to make money from brokerage operations and the exchange of digital currencies.

Riot, which is now investing in crypto businesses and blockchain technologies, said it signed a letter of intent to buy Miami futures through broker Logical Brokerage Corp., which delegates trading operations to other firms. Logical is registered with the Commodity Futures Trading Commission and is a member of the National Futures Association (NFA).

In the fall of 2017, Bioptix changed its official name to Riot Blockchain, Inc. and shifted its priorities toward blockchain and mining.

Shares of the former biotechnology equipment manufacturer, which had been falling before our eyes, soared 23 percent after the renaming after the company announced plans to engage in crypto exchange and futures operations.

Investors suspect that this is a manipulative scheme to profit from the wave of frenzied interest in cryptocurrencies. And that it was precisely this fact that led to an increase in the value of the shares, making it possible for the shareholders involved in the manipulation to enrich themselves. 

Two more investor lawsuits against Riot Blockchain relate to non-compliance with securities laws and the dissemination of false information.