Bitcoin Miner in Vancouver Faces $5.6M Fine Over Unsanctioned Business
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Link Global, a Canadian IT service management company, is facing C$7 million ($5.6 million) fine as it has failed to notify the local watchdogs after it launched two mining sites in Sturgeon County and Kirkwall, Canada. As per CBC News, the sites were reportedly using power from a dormant natural gas well. Link Global reportedly did not notify neighbors, the county, nor the Alberta Utilities Commission (AUC).

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The regulator's enforcement team claims that the Sturgeon-based plant operated for 364 days and the Kirkwall plant for 426 days with no approval. The AUC believes that Link Global should pay an economic disgorgement of nearly $2 million for the "economic gains from generating electricity," and over $5 million for the "economic gains from mining bitcoin."

Link Global Chief Executive, Stephen Jenkins, has admitted that the company had made "some mistakes and have worked hard to rectify those."

"Our business works to respect the laws, the people and the environment, and we believe that our submission to the AUC will make this apparent," he added.

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The AUC will weigh Link Global's arguments at a hearing on October 14. Shortly after the news, the company's shares dropped by -14.04% down to $0.19. The company's market capitalization has decreased to $10.9 million.

Meanwhile, asset manager Evolve Funds Group received approval from Canadian regulators to launch the Evolve Cryptocurrencies ETF based on bitcoin (EXANTE: Bitcoin), ether (ETH) and other cryptocurrencies. The ETF will be available on the Toronto Stock Exchange under the ticker ETC (unhedged Canadian dollars) and ETC.U (unhedged US dollars).

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

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