Swiss Regulators: Crypto Company Illegally Receives 37,000 Investors - Bitcoin and Altcoin News

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The Swiss Financial Market Authority (FINMA) said that more than 37,000 individual investors have illegally deposited a crypto firm that accepts US $ 90.5 million in deposits. The company, Envion AG, is currently being liquidated by the Zug bankruptcy department.
The result of the FINMA decision may indeed be subject to the Swiss Banking Law of ICOs initiated to raise money for a company. This requires that all companies receiving deposits from the public sector must first obtain a banking license. Crypto Compression? Envion ICO Considered Illegal by FINMA
By Press release Funds collected by Envion AG, a crypto firm specializing in mining infrastructure, were made illegal by FINMA. Switzerland's financial watchdog launched enforcement proceedings against the opening of the digital currency in July 2018, some of which will include an investigation into şüpheli suspicious activity tarafından by the firm.
Recently, the investigator concluded that more than 37,000 people had invested in Envion AG. Investments were made from both the crypto and the US dollar, mainly Bitcoin and Ethereum. The total amount of all illegal investments in the company's first coin offer was around $ 90.5 million.
FINMA found that Envion AG is in breach of the Swiss Banking Act, since investments are considered publicly available. In Switzerland, any business that receives such a deposit must first obtain a banking license.
In addition to not having a banking license, Envion was also asked to issue an EVN token. FINMA said some of the issues that provide cryptographic tokens to investors are inconsistent. Finally, in the list of legal violations made by the firm, there was the fact that the prospectus did not meet the minimum legal requirements and that the company did not conduct internal audits. FINMA to Concentrate on ICO's Efforts
ICO & # 39; s mania cycle in 2017 seems to exist for many companies that have been conducting suspicious fund-raising campaigns here, finally seeking to increase the growing popularity of crypto assets. Consistent with an earlier statement, FINMA issued a press release stating that Envion AG will continue to focus on entrepreneurs who illegally use the most advanced funding method to provide investors with indicators to sell. Ultimately, he says, this could lead to the liquidation of initiatives, as in Envion AG. In 2017, billions of dollars were poured into initiatives through ICOs. Now, according to current regulations, most of them seem to be illegal.
However, this should not be seen as hostility to all initial coin offers from the Swiss regulator. Regulatory authority stated:
“FINMA is committed to enabling serious innovators to legally launch ICO projects.”
Eventually, the financial guard caught his attention guides It has been published for those who have previously thought of starting their own encryption symbol and collecting money through ICO.
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