The authorities of the state of North Carolina issued an order on the termination of activity of the company Mining Pool Power (PMP), according to Bitcoin.com.
In the document the securities Division of North Carolina noted that PMP offering customers “shares mining pool”. Last Department considers as unregistered securities.
“It was found that PMP violate the securities Act by offering unregistered assets in the form of “share of mining pool””, — stated in the official document of the Department.
This kind of order requires the company and any person, officer, employee, Director or independent contractor under its direction or control to refuse the sale of securities in the country as long as the company is not registered or you get permission. Thus, the order essentially prohibits the operation of PMP.
This order followed a temporary restriction of activity of the company from March 2 this year. While PMP does not respond to the appeal of the regulator. The company website went offline a few days later, on March 6.
Also, the regulator was dissatisfied with the lack of disclosure about the activities of the company. So, the PMP has been described as a business that is not registered in any jurisdictions that do not have physical addresses, and operated by unknown persons.
Previously PMP positioned itself as a company that owns and operates the mining equipment able to produce seven different cryptocurrencies 24/7. Moreover, representatives of the PMP stated that the equipment is able to automatically keep track of the current yield of each of the seven currencies, switching mining power on the extraction of the best of them.
We will remind, in March, the securities Division of North Carolina ordered to suspend the distribution of mining contracts Genesis Mining. According to the regulator, such contracts have the properties of securities.