North Carolina Issued A Cease And Desist Order!
A US state has issued a cease and desist order to a crypto mining company. The company is supposedly engaged in crypto mining. Last week, the US state of North Carolina has released this order to a company named ‘ Power Mining Pool (PMP)’. The state’s Securities Division undergone some investigations after which they have declared:
The Power Mining Pool (PMP) has been found violating the Securities Act, as per the investigation done by the Security Division. Following are the allegations which are imposed on the company:
The company has been offering unregistered securities in the form of mining pool share.
The crypto mining company is not registered to offer such securities and still, it is doing that.
Power Mining Pool has been making materialistic misstatements while offering such securities.
The order released by the US state mandates every single person linked to the company in any way to permanently cease and desist the selling of the securities in the state. This order will desist when the company will get itself registered for offering the securities officially. Further, following are also the statements which are attached along with the order:
The company is not allowed to act as the security dealer, agent or salesman unless they are registered officially.
Besides this, they must not engage themselves in any of the controversies and fraud which are in affiliation with the security offering.
The company should keep the orders in mind must not be found violating the provisions and rules of the state.
Other Questionable Operations!
Apart from the unregistered security offering, the crypto company is indulged in various other questionable operations as well. The company is representing various false information and data to the customers. As per the statement released by the company, they own and operate mining rigs which are capable of mining seven different cryptocurrencies which is not the actual number. Besides this, PMP also offers mining pool shares to various investors who mine the coins on their behalf which is illegal. As this sharing of the mining pool is not registered with the administration.