A tiny Regina bitcoin startup, Dominion Bitcoin Mining Co., says it has been “exonerated” after facing allegations from Saskatchewan’s securities regulator last year that it was soliciting investors without the proper paperwork.
In a decision dated Oct. 22, a three-member panel of the province’s Financial and Consumer Affairs Authority (FCAA) ruled that no trading or other breaches of Saskatchewan’s Securities Act occurred.
“It is the determination of the 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 individually or collectively engage in any acts in furtherance of trading or in any breach of the provisions of the Act,” the decision reads.
At issue were messages on Dominion’s website that appeared to urge “sophisticated investors” to buy shares in a group of companies engaged in what is known as bitcoin mining, which is the process by which computers are used to create new units of the virtual currency.
“By taking part in our offering, you own a share in one of ten