Dominion Bitcoin Mining Company, a Canadian bitcoin mining operation, is facing a $10,000 fine for failing to procure the proper registration in order to offer securities to the public. The company had previously been under a cease-trade order from May through September after which having expired, no penalty was issued.
The FCAA, otherwise known as the Financial and Consumer Affairs Authority of Saskatchewan, is now accussing Dominion of multiple contraventions of the Securities Act, citing that the company's three shareholders published statements via their website that were known to be misleading or untrue.
The President of Dominion and self described Leadership Coach Peter Voldeng, said that the FCAA doesn't understand Bitcoin and expects the company to be vindicated at a hearing which begins 2nd of December.
"Bitcoin isn't a security, if they say it's a security, they would be the first government in the world to give Bitcoin that sort of value or endorsement."
In response, the FCAA stated that it is irrelevant as to what currency is used in such transactions.