Bitcoin mining company 'fully vindicated' after expiry of cease trade order

The Saskatchewan Financial and Consumer Affairs Authority has allowed the cease trade order on Dominion Bitcoin Mining Company to expire. The bitcoin company said they are 'vindicated' as the FCAA 'found no finding of wrongdoing'.

The Saskatchewan FCAA has allowed the cease trade order on Dominion Bitcoin Mining Company to expire

Dominion Bitcoin Mining Company said Friday it was "happy to announce" the province's Financial and Consumer Affairs Authority's cease trade order had been lifted, as of September 8th.

They have absolutely no idea what bitcoin is.- Peter Voldeng, President of Dominion Bitcoin Mining Company

Peter Voldeng, President of Dominion Bitcoin Mining, told CBC News on Friday that the FCAA investigation was unfounded and the result of ignorance on behalf of the regulatory body.

"As far as we are concerned we are fine to conduct business in Saskatchewan," Voldeng said. He explained that he and his partners were all interviewed by the province's FCAA and were never issued any finding of wrongdoing throughout the five month-long investigation.

Voldeng said he was only told by the FCAA that the investigation was in the public interest.

FCAA suggested a violation of Saskatchewan Securities Law

In May, the Saskatchewan FCAA announced it was launching a formal investigation into the dealings of Dominion Bitcoin Mining Company in the province.

At the time, the FCAA levelled a cease trade order against the Canadian bitcoin company, citing a possible violation of the province's securities law.

"It appears that Dominion has been soliciting investors, and is not registered in Saskatchewan to trade in securities, therefore it may be in violation of Saskatchewan securities law," a news release from the province said.

Voldeng told CBC News that, in his view, bitcoin does not fall under the Saskatchewan FCAA's jurisdiction.

"They have absolutely no idea what bitcoin is," Voldeng said. "It may have been that they thought bitcoin was a security that they could regulate." 

"A security that is regulated tends to be backed by government regulation ... where as bitcoin is not regulated by any government but is more a purchase of a service for a product. People use it as a currency," he said.

Matthew Barton, Communications Consultant with Saskatchewan's FCAA, told CBC News on Friday that he was not able to comment on ongoing matters.

However, Barton did confirm that the cease trade order placed on Voldeng's company had expired.

Big plans for Dominion Bitcoin Mining's future

Voldeng, who is based in Saskatoon, worked with partners in Regina, Edmonton and Vancouver to build the company. 

"We are a bitcoin mining company," Voldeng said, explaining the company was formed to provide potential investors with "proof of concept".

We're expecting to actually develop the largest bitcoin mine in Canada.- Peter Voldeng

Essentially, the concept is one for business-minded individuals interested in learning more about using the crypto currency, but who also need assistance incorporating it into their current business model.

"We can provide the ability of your company to take bitcoin, we can provide a bitcoin ATM, we can provide bitcoin wallets, and we can provide ways to invest into bitcoin," Voldeng said.

Voldeng said he and his partners are moving forward in a partnership with Toronto-based CoinCad to expand bitcoin into the Canadian market.

"We're expecting to actually develop the largest bitcoin mine in Canada," Voldeng said of future plans for Dominion Bitcoin Mining Company.