The Financial and Consumer Affairs Authority (FCAA) of Saskatchewan, Canada, has cleared a bitcoin startup of breaching securities law.
Its statement reads:
“It is the determination of that Panel that, notwithstanding the initially apparent validity of the allegations of the FCAA staff, an offering of shares did not at material times exist, and the parties did not engage … in any breach of the provisions of the Act [The Securities Act, 1988].”
The decision follows a 17-month dispute over claims Dominion’s founders – Jason Dearborn, Peter Voldeng and Ronald Gibbonthe – had offered securities from their website, dominionbitcoin.com.
During a FCAA hearing, investigator Harvey White presented screenshots from the site, including a page that read: “By taking part in our offering, you own a share in one of ten provincial companies that own Dominion. That share allows you an equal part in EVERY SINGLE BITCOIN WE EVER MINE.”
Another section of the website stated Dominion was accepting “sophisticated” investors from the 10 provinces that make up Canada.
However, the respondents argued that their website was under construction at