PANews reported on October 16 that according to a public document, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against UBI Blockchain, accusing it of violations. According to the lawsuit, BI Blockchain Internet Ltd. is a Delaware company located in Hong Kong, China, and has registered a class of securities with the Commission under Section 12(g) of the (Exchange Act). The SEC stated that UBIA has not submitted periodic documents to the SEC as required, and the company has not submitted any periodic or other reports since the Commission ordered the dismissal of the previous lawsuit against UBIA on June 2, 2023.