Saskatchewan Bitcoin Mining Company in Violation of Security Laws
A Saskatchewan bitcoin company has been ordered to cease trading for its possible violation of local province laws. Yesterday, the province’s Financial and Consumer Affairs Authority stated that the order had been issued against Dominion Bitcoin Mining Company.
Saskatchewan Bitcoin Violation
The government-issued order directs that all trading in securities by the mining company be halted until May 15th. It is possible that the order be extended if further investigation is needed.
The province issued a release which stated:
“It appears that Dominion has been soliciting investors, and is not registered in Saskatchewan to trade in securities, therefore it may be in violation of Saskatchewan securities law.”
Officials say that the mining company appears to have accepted investors from all 10 provinces, so it has contacted regulators from each area. This may turn into a much bigger issue if more regulators from each province decide to investigate as well.
The Saskatchewan registered company is federally incorporated, and plans to build several bitcoin mining sites. The first will be called Regina.
Saskatchewan’s First Bitcoin ATM
The Dominion Bitcoin Mining Company’s cease order comes shortly after the installation of the province’s first bitcoin ATM unit. With Saskatchewan’s first ATM, citizens now have the ability to buy and sell the digital currency with just a few taps on a kiosk screen.
The unit is operated by Edmonton-based company, Bitcoin Solutions. The CEO of Bitcoin Solutions, Adam O’Brien said:
“Traditionally, bitcoin has been very lengthy and tedious to get your hands on. It’s such a beautiful way of sending money worldwide, but to actually get that bitcoin unless someone is sending it to you is very difficult. A bitcoin ATM lets you insert your cash into this teller machine and you receive bitcoin instantly.”
O’Brien brought the bitcoin ATM to Saskatchewan because he feels the youth in the area would benefit the most from learning about a new financial technology. His company looks to bring more units to Canada, as British Columbia is targeted to get the next machine.
Their first ATM is stationed in Edmonton.