South Carolina regulators stop Hong Kong cloud mining company Genesis Mining for selling unapproved securities

The Securities Division of the South Carolina Attorney General’s Office has issued a cease-and-desist order requiring Hong Kong-based cloud mining company Genesis Mining and its partner, Zurich-based Swiss Gold Global, to leave the state for illegally providing unregistered cryptocurrencies to local residents. Cryptocurrency mining contract.

According to the ban requirements:

"Swiss Gold Global is required to register as a broker-dealer with the Securities Division of the South Carolina Attorney General's Office at all times, and there are no exceptions to this exemption."

Over the past few weeks, both Texas and New Jersey have issued cease-and-desist orders against dubious cryptocurrency firms. In February, the U.S. Congress said it would continue to oversee all cryptocurrency offerings against U.S. companies.

It is reported that this time South Carolina not only requires Swiss Gold Global to stop doing business in the state, but also to pay certain civil penalties for their "wrongful conduct".

At present, both companies have made official responses.