The shares experienced a surge in pre-market trading, doubling in value, but subsequently retreated after the official market opening.
The regulator, in collaboration with the local police, conducted raids on several sites in Exeter, Nottingham, and Sheffield. They declared that cash-to-crypto conversion services were illegal and posed a risk of money laundering.
The company that operates bitcoin kiosks, along with its subsidiary Up Global, and the CEO of both entities have been accused of engaging in 'unregistered offers and sales of securities.'