Genesis Mining recovered its permits to operate in South Carolina after the South Carolina Securities and Exchange Commission issued an order in March this year for the leading cryptocurrency cloud mining firm and its subsidiaries to cease operations in the state. The company is now preparing to re-launch its products in the US soon.
We are pleased to announce that the South Carolina securities division dismissed the March 9th, 2018 decree that prevented Genesis Mining from continuing its operations. One of our principles in the company is transparency. After all, it is a core value of blockchain technologies. Over the past 5 months, we have worked closely with the South Carolina authorities to educate and provide them with a unique perspective on cryptomarket mining, blockchain networks and the decentralized nature of our technology.
Shah Hafizi, Chief Compliance Officer, Genesis Mining
In the official announcement published on July 26th, Tracy Meyers, financial commissioner of the South Carolina Securities Division, said that some allegations were taken into account to put an end to this legal decree initially issued a few months ago.
The South Carolina authorities forced Genesis Mining to cease its cryptocurrency cloud mining operations in March
Initially, Genesis Mining was ordered to cease because the contracts offered for cryptocurrency cloud mining generated an expectation of profitability from outsourced efforts, in addition to the fact that this company and its subsidiary Swiss Gold Global were not legally registered as brokers.
The latter company invests in gold and silver, but soon after its launch decided to enter the cryptocurrencies markets. In principle, it had been considered by the state’s financial authorities as a trader of Genesis Mining products and assets without having the legal power to do so.
Genesis Mining has been offering cloud mining services since 2013 and is one popular investment mechanism among those taking their first steps into cryptos or for those who want to make a profit on these financial tools. It is now one of the largest cryptocurrency cloud mining companies in the entire blockchain industry.
