Texas Regulator Issues Emergency Cease and Desist Order to Cloud Mining Company
The Texas State Securities Board has issued an emergency cease and desist order to a cloud mining company for fraud and non-compliance with securities legislation.
Regulators Clamping Down
Cloud cryptocurrency mining company AWS Mining PTY LTD has been slapped with a formal emergency cease and desist order by the Texas State Securities Board.
According to the regulator, the investments in the cryptocurrency mining program operated by the company are deemed securities as per the definition of the term in the Securities Act. As such, the company is in violation of the latter as it offers them at a time when they haven’t been registered with the Securities Commissioner.
Furthermore, another conclusion of the regulator notes that the company is engaging in fraud in connection with the offer for the sale of securities.
According to the order:
Respondents are engaging in fraud in connection with the offer for sale of securities. Respondents are making offers containing statements that…
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