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Official Regulators in South Carolina Retract Two Cease and Desist Orders From Blockchain Companies

On the 26th of July, The Securities Division in South Carolina withdrew two orders of CaD enforced actions placed against two blockchain-based companies. The companies were in several violations regarding securities and lack of proper licensing while operating. 


 

The Companies

On the 26th, the SCAG withdrew its order against ShipChain according to several violations by the company on securities in May. The company was criticized severely by official regulators, stating that they were violating several violations. The violations concerned the company’s token sale of SHIP coins.

Genesis Mining, a cloud mining operator, was ordered by the Securities Division after accusations and investigation lead to the discovery of unauthorized securities and has been ordered to withdraw its previous CaD order. After ShipChain’s previous enforcement order, the company disapproved of the regulator’s accusations. They stated that their token sale was fully compliant with the placed laws. Additionally, the company stressed that it was unaware that their native tokens was offered to state residents. 

ShipChain managed to gather around $30M at the beginning of 2018 in a private sale. The company was created last year in California and is focused on significant issues related to logistics and shipping industries. As the NCSC, over $50B are lost as a result of misplaced or stolen cargos on a yearly basis. 

Genesis Mining, based in Iceland, is among the largest cloud mining services with a special basis around BTC. The company was launched in 2013 and according to reports, Genesis consumes the most power in all of Iceland for their mining farms. On the 26th, reports stated that FINMA provided the same enforcement on Envion, another digital mining company followed a possible illegal token sale earlier this year.

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