Swiss authorities check ICO held by Envion AG

Posted 27 July, 2018

The Swiss Financial Market Supervisory Authority (FINMA) has reportedly launched a probe into the initial coin offering held by Envion AG citing a violation of the effective law. 

According to the news reports, the ICO held in December 2017 and January 2018 generated more than $100 million, though it also accepted deposits in fiats for EVN coins which in fact conflicts with the country rules.

For now, the company has been in limbo for a few months already. Moreover, the senoir executives blame each other for breaking the law.

"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," noted the authority.

Envion Agentered offered brand-new crypto mining solution – Mobile Mining Units (MMUs) that can receive power from traditional and renewable sources (hydro, solar and wind stations).

Switzerland is considered as one of the major areas for ICO and the fact that blockchain projects, including crypto segment, are actively leaving the country in favour of Malta, Lichtenstein, Cayman Islands and Gibraltar summon big concerns of the Swiss regulators.

Specifically, FINMA released ICO guideline in early 2018, noting that they supported strong groundbreakers who would like to hold ICOs in the country.

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27 July, 2018 13:06

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