Regulators in Saskatchewan have extended their temporary cease trade order against a Bitcoin mining company that was issued earlier this year.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has issued an extending order against Dominion Bitcoin Mining Company Ltd.
The FCAA initially cease traded the firm in May, amid allegations that the company “appears to be holding itself out as engaging in the business of trading in securities without registration” contrary to securities laws; and, that it “appears to be soliciting investors” to sell securities without a prospectus. Those allegations have not been proven. Indeed, formal allegations haven’t been brought against the firm.
According to the new order, FCAA staff applied for an extension until November 14, in order to give them time to prepare and serve a statement of allegations, set a hearing date, and prepare documents and witnesses for the hearing. It also notes that the company has not sought a review of the cease trade order against it. The initial cease trade order was extended to August 15. Now, it has been extended further to September 8.
The FCAA didn’t give any reason for approving a shorter extension than the one sought by the regulator’s staff.