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South Carolina Wants To Ban Genesis Mining Over Unregistered Securities

South Carolina Wants To Ban Genesis Mining Over Unregistered Securities
Genesis Mining is facing a cease and desist order from South Carolina, which considers its mining contracts were offered illegally.

Lawmakers in South Carolina asked cryptocurrency cloud mining platform Genesis Mining to leave the state due to selling “unlicensed securities” Friday, March 9.

A cease and desist order filed by the South Carolina Attorney General's Office Securities Division claims Genesis, which is registered in Hong Kong, along with Zurich-based partner enterprise Swiss Gold Global, illegally served residents with unregistered mining contracts.

“At no time... was Swiss Gold Global registered with the Division as a broker-dealer, and no exemption from registration has been claimed,” the order reads.

“At no time... were the securities at issue registered with the Division or federal covered securities.”

The order marks the latest in a string of US state-level requests for various cryptocurrency actors to withdraw their services. Texas and New Jersey have both issued cease and desist requests in recent weeks, these nonetheless pertaining to businesses with questionable reputations and history.

Most recently, the ICO endorsed by Steven Seagal was asked to quit New Jersey’s jurisdiction.

In February, lawmakers at national level promised to continue monitoring the providence of any cryptocurrency-related offering available to US citizens.

South Carolina demands Swiss and Genesis not only halt operations within its borders, but pay an “appropriate civil penalty for the wrongdoing.”

Both companies have yet to provide official comment on the matter.

12.03.2018 / 05:59 51
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