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Swiss security dealer faces SEC charges

The Securities and Exchange Commission today charged XBT Corp. SARL d/b/a First Global Credit, a Switzerland-based securities dealer, for offering and selling unregistered security-based swaps to U.S. investors using bitcoins and for failing to transact its swaps on a registered national exchange. An SEC order found that First Global Credit failed to register these security-based swap transactions and transacted with investors who did not meet the discretionary investment thresholds required by the federal securities laws. It also finds that First Global Credit failed to transact its security-based swaps on a registered national exchange, and failed to properly register as a security-based swaps dealer.

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