Blog Archives

Cloud-Based Cryptocurrency Mining Firm Ordered To Cease Operations In South Carolina

Posted on 12th March, 2018

Late last week, the Securities Commission division of the South Carolina Attorney General’s Office filed a cease-and-desist order against cloud-based cryptocurrency mining firm Genesis Mining and brokerage firm Swiss Gold Global Inc. As reported by CoinDesk, the Securities Commission claims that Genesis Mining illegally sold securities — cryptocurrency mining contracts — to South Carolina residents […]

Bitcoin exchange Bitfinex launches cloud-mining contracts

Posted on 15th September, 2014

Hong Kong-based bitcoin exchange and derivatives platform Bitfinex announced a new product today: Cloud-based mining contracts. The contracts are being offered in a limited quantity during the “live beta” phase of testing, allowing Bitfinex’s team to “tweak” the product as needed after the initial tranche of 100 TH/s mining power. Should the offering prove successful, […]

FinCEN: Bitcoin escrow services and cloud-based miners are not money transmitters

Posted on 30th April, 2014

In a letter released yesterday, the U.S. Financial Crimes Enforcement Network (FinCEN) further clarified rules for bitcoin escrow services and cloud-based mining operations. The letter (PDF) issues a new ruling that neither form of business fits the requirements of a money transmitter service as detailed in the Bank Secrecy Act, and as such would not […]