Bitcoin Mining Firm Free from Cease Trade

Published Date : Sep 16, 2014

A Saskatchewan based Dominion Bitcoin Mining Company is now free from cease trade and is operating once again. 

The cease-trade order against Bitcoin was lifted in May by the Financial and Consumer Affairs Authority (FCAA) with no penalty being issued after it expired last week. 

FCAA’s action toward originally issuing the order was because it believed the mining firm had been looking out for various investors in the Saskatchewan region without actually being registered to perform such an action. During this process, Dominion Bitcoin commented that FCAA had no legal rights over the company as it was already using the online currency. 

Bitcoin deals in digital cryptocurrency – a trade that utilizes peerto-peer technology with no support from banks or central authority. The currency’s value in the market is highly volatile, thus encouraging people to become miners. 

Bitcoin mining verifies the authenticity of every Bitcoin transaction and keeps data and information securely in online wallets. It also rewards individuals that use computers to do transactions. 

Peter Voldeng, Dominion President reported last week that the company is not looking out for investors, but is seeking partnership in the Bitcoin industry. The company has also signed a memorandum with an Ontario-based wallet security company named as, Coin-Cad to gain better understanding of the nature of Bitcoin market in Canada. Voldeng also added that Dominion can play the role of Bitcoin on behalf of others in the market. 

Nevertheless, Voldeng agrees and expects that Dominion may soon adopt the route of seeking investors to expand its mining operations and register with the concerned authorities required in building up a business. 

An FCCA spokesperson informed the media about the lifted order and did not comment further.