Texas SSB Enter Emergency Action Against Crypto Companies
The Texas State Securities Board has entered an emergency action against two crypto companies that are being accused of acting illegally in the state: AWS Mining PTY Ltd, MyCoinDeal, the West Texas Oilfield Cloud Miners Club and EXY Crypto.
Texas enters emergency action to stop @awsmining, alleges it is illegally using unregistered sales agents to offer #crypto investments tied to mining operations in Texas. https://t.co/UFdaSDx691 @TxSSB #bitcoin #altcoin #cryptomining #securities #fintech pic.twitter.com/cqvNKr3EDu
— Joe Rotunda (@joe_rotunda) November 6, 2018
This information was tweeted by Joe Rotunda, the enforcement director of the Texas SSB group. The official profile has also tweeted about this subject.
All 16 cryptocurrency-related enforcement actions Texas has taken are on the @TxSSB Cryptocurrency Resources page https://t.co/hU8vzusoAS
along with video resources and the report, Widespread Fraud Found in Cryptocurrency Offerings. pic.twitter.com/CmmZNZREtr
— Texas SSB (@TxSSB) November 6, 2018
According to the enforcement director, the main problem is that these companies, specially AWS Mining, are illegally using unregistered sales agents to offer crypto investments tied to mining operations in Texas. Because of this, all of the involved in the problem are not being prosecuted.
Two entries from the State Securities Board describe the enforcement orders against the unlawful companies.
One of them is heavily focused on AWS Mining, MyCoinDeal and the miner club that was accused of working with them. The other one is focused on the EXY Crypto firms and its promoters Morgan Nolan, Rafael Logan and Melissa Spring were all charged for falsely advertising for the scheme.
About AWS Mining
AWS Mining is a mining company that has online services in many countries. However, the company operates outside of the law and there are suspicions that the company has fake offices in these countries. At any rate, the company has harsh allegations that it is not acting in a lawful way.
You can visit the Twitter profile of the company here. It is not very popular as it only has 884 followers and a total of 112 tweets at the time of this report. The links to the site of the company are currently offline.
You can see all 16 notices that Texas SSB has sent out over the last year here.