The Securities Commission of South Carolina has ordered Genesis and a second firm, Swiss Gold Global Inc., to stop doing business in South Carolina, according to the Cease-and-Desist order document released on 9 March 2018.
The order states that mining contracts sold to buyers and state of South Carolina residents are considered as securities. The two companies, Genesis and Swiss Gold Global have also been barred from offering any securities in the state in the future. This barring, according to the document, is permanent.
Cloud Mining businesses are often under scrutiny as many of these businesses turn into scams. Often the first introduction people have to cryptocurrency is via Cloud Mining contracts with a network marketing recruiting aspect.
Many of these so-called “cloud mining” websites lure unsuspecting victims to buy mining contracts which actually pay out in the beginning – this to ensure others will be lured into knowing the contracts pay out. Unfortunately, this ends in tears as the happy miners are not able to access the website as it goes offline without warning… the perpetrators have run off with the money.
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