The post South Carolina drops Genesis Mining from cease and desist appeared first on CoinReport.
After five long months of working with South Carolina officials, Genesis Mining has been dropped from the cease and desist order it received back in March 2018 from the South Carolina Securities Division. The company will relaunch to U.S.-based customers shortly. This marks one of the first times a blockchain company has fought back against regulators and been successful.
Shah Hafizi, chief compliance officerCOO and general counsel at Genesis Mining, released the following statement:
The Texas State Securities Board has taken an emergency action to stop a network of crypto-related companies from illegally offering investments in the state. A token offering and a mining firm are among those targeted by the securities board as selling fraudulent “cryptocurrency-related investments.”
Emergency Action Taken
The Texas State Securities Board announced Thursday that an emergency action has been taken to “target promoters of crypto-mining investments.” According to the notice published on July 12 by the Board:
The state of Texas has filed an Emergency Cease and Desist Order against BitConnect, stopping their various investment programs.
A common saying often heard in the US is “don’t mess with Texas.” Well, it seems that BitConnect is finding this out the hard way. The England-based crypto company is the subject of an Emergency Cease and Desist Order from the Texas State Securities Board.
Mess With the Bull, You Get the Horns
It appears that the Lone Star State is somewhat skeptical of the claims made by BitConnect. The company claims that investors can gain annualized returns of a stellar 100% or more, according to the order. One investment program, BitConnect Lending Program, offers to reward investors with a monthly return rate of 40%.
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