A cryptocurrency company in Saudi Arabia is set to go into liquidation.
The Saudi Arabian state-run Press TV reported on Friday that the Saudi Arabian Investment Authority (SAIA) has ordered the sale of all shares in the company, Al-Maktoum.
The sale of shares in Al-Masry Al-Youm, a digital media company, has already been approved by the Saudi Arabia Securities Authority, the SAIA said in a statement on its website.
Al-Masri’s IPO was due to close on March 3.
The announcement comes on the same day that the Dubai Securities Authority issued a statement announcing a temporary suspension of all ICOs in the country.
It is unclear whether the Saudi government will order the company to cease operations, or if it will allow it to continue.
Al-Marayah is one of several companies set to close in the coming days.
Last month, another ICO in Saudi came under fire after it failed to raise the needed capital for its ICO campaign.
Despite that, several ICOs have been announced this week, including two more in the United Arab Emirates.
A number of ICOs also raised a lot of money.
A cryptocurrency firm in India has raised a whopping $8.6 million, and a cryptocurrency firm called Ethereum raised $1.6 billion in a crowd sale in September.