Canadian Bitcoin Company Faces Increased Allegations from FCAA
Another Bitcoin mining company, this time in Canada, is facing fines from government regulators. The Dominion Bitcoin Mining Company of Saskatchewan has been under a cease-trade order since May of 2014. The order, issued by the Financial and Consumer Affairs Authority (FCAA) was originally filed because the FCAA accused the company of seeking investors without properly registering their intent. While the original order has since expired without penalty it seems that the FCAA is now upping the game by accusing Dominion of multiple violations of the Securities Act of 1988. The new....
Related News
A Canadian company called Dominion Bitcoin Mining has been exonerated of soliciting investors without proper registration. The government of Saskatchewan, Canada's Financial Consumer Affairs Authority (FCAA) ruled that the website that allegedly was in violation of Canadian law was not active and that it did not sell any shares to investors. A co-founder of the mining company now plans to sue the regulator for libel, according to the Globe and Mail in Toronto. FCAA staffers charged that Dominion's directors offered securities without proper registrations, according to an FCAA decision....
The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan, Canada, has cleared a bitcoin startup of breaching securities law. A decision from the FCAA panel, announced on 22nd October, found that Dominion Bitcoin Mining Company Ltd did not solicit investors, nor offer shares illegally. Its statement reads: "It is the determination of that Panel that, notwithstanding the initially apparent validity of the allegations of the FCAA staff, an offering of shares did not at material times exist, and the parties did not engage ... in any breach of the provisions of the Act [The....
BIGG Digital Assets, a Canadian crypto company, revealed this week that it bought 40 additional bitcoins for long-term treasury holding. The purchase increased BIGG’s reserves to 189.5 bitcoins valued at US$3.63 million in total. The Canadian Securities Exchange-listed firm spent about CAD$1 million ($775,000) on its latest buy. The company said it “believes strongly in the future of bitcoin, its store of value capability, and its future valuation potential.” Mark Binns, chief executive officer of BIGG, noted that his company, owners of crypto brokerage Netcoins and data....
Ripple CEO Brad Garlinghouse has addressed some of the allegations made by the U.S. Securities and Exchange Commission (SEC) against his company. He focused on answering five questions on what he calls “unproven allegations” by the regulator. Garlinghouse Says There Is ‘Regulatory Chaos’ in the US In a Twitter thread on his official profile, Garlinghouse claimed that the blockchain company “tried” to settle with the U.S. SEC. He added that the firm will try again with the new administration but refused to go into specifics. In response to crypto....
A bitcoin company based out of Saskatchewan is currently locked in a legal battle with the Financial and Consumers Affairs Authority of Saskatchewan. The defendant, Dominion Bitcoin Mining Company Limited was accused of violating the Securities act has in turn accused the investigator of breaching the company's encrypted website to access confidential information which is later misinterpreted and used as the basis of currency securities hearing. According to reports published by the Regina Leader Post, Dominion Bitcoin Mining Company Ltd. was accused of publicly promoting the sales of....