Categories: ICO

Swiss Markets Authority Investigates Troubled $100 Million ICO

Click here to view original web page at www.coindesk.com

The Swiss Financial Market Supervisory Authority (FINMA) announced Thursday that it is investigating blockchain startup Envion AG for potentially breaking financial market rules with its initial coin offering (ICO).

Envion, which raised $100 million in the ICO earlier this year, has allegedly broken banking laws by accepting public deposits in exchange for its EVN token, despite such transactions not being allowed, according to a FINMA press release.

The regulator states:

"Investigations carried out by FINMA to date indicate that, in the context of its ICO, envion AG accepted funds amounting to approximately one hundred million francs from more than 30,000 investors in return for issuing EVN tokens in a bond-like form."

The enforcement proceedings are only the latest setback for the startup, which has been in limbo for months after its executives began accusing each other of wrongdoing.

The New York Times reported in May that the firm's chief executive, Matthias Woestmann, had claimed that the founders generated extra EVN tokens as part of a money grab. The founders, on the other hand, claimed that Woestmann had seized control of the firm and breached his contract.

Swiss flag image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

Envion, […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Ripple Gives One Billion XRP to Former CTO Startup, Plus Paying For Publicity

Ripple Labs, the company behind XRP, has given for free some 1 billion XRP, worth $270 million, to a company… Read More

30 mins ago

54% of Bitcoin Volume on “Lower Quality Exchanges”: Report

The vast majority of the world’s cryptocurrency trading volume is in the hands of “lower quality exchanges”, while the world’s… Read More

31 mins ago

Bitcoin is Used more by Civilians than Some Bankers, Lawmakers or Terrorists

In many countries, including Palestine and the entire world at large, Bitcoin is used more by civilians than some bankers… Read More

31 mins ago

Billionaire Investor Tim Draper Claims Bitcoin Prices Will Hike Upto $250,000 By 2022

Very rich person Investor Tim Draper Claims Bitcoin Prices Will Hike up to $250,000 by 2022Bitcoin (BTC) may proceed to… Read More

31 mins ago

Bitcoin (BTC) mining giant Bitmain firm announces purchasing more crypto mining chips that subject to a potential profit of $1.2 billion

Risk Disclaimer - By using this web site you agree to its terms and conditions. All materials, including but not… Read More

31 mins ago

Squeaky-Clean Apple Is Quietly Pummeling Its FAANG Stock Buddies

Apple stock is brushing off a decline in iPhone sales while continuing to make gains in 2019. | Source: REUTERS/Joshua… Read More

31 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More