Texas Regulators Enter Emergency Stop Against Crypto Mining Firm

© Reuters.  © Reuters.

The Texas State Securities Board entered an emergency cease-and-desist on Tuesday against a cloud mining company based in Australia that it said was selling unregistered securities.

In the order, Texas securities regulators claim that Automated Web Services Mining (otherwise known as AWS Mining), AWS Mining PTY LTD., a number of of AWS Mining’s officers, crypto wallet provider MyCoinDeal, and multi-level marketing organization AWS Elite were violating the state’s Securities Act and committing fraud by selling investment contracts in AWS’ cloud mining pool.

According to the filing, the respondents promised investors a 200 percent return on any purchases made, using a multi-level marketing organization to sell mining power contracts.

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