NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Swiss Regulators: Crypto Firm Unlawfully Received Money from 37,000 Investors

Rick Delafont
Rick Delafont
6 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Swiss Financial Market Authority (FINMA) has stated that a crypto firm that accepted around US$90.5 million in deposits from more than 37,000 individual investors did so illegally. The company in question, Envion AG, is currently undergoing liquidation proceedings by the Zug bankruptcy authority.

The upshot of the ruling by FINMA is that ICOs launched to raise money for a company can indeed by subject to the Swiss Banking Act. This requires that all companies receiving deposits from the public must first obtain a banking licence.

Crypto Clampdown? Envion ICO Deemed Illegal by FINMA

According to a press release by FINMA, the funds raised by Envion AG, a crypto firm specialising in mining infrastructure, were done so illegally. The Swiss financial watchdog had opened enforcement proceedings against the digital currency startup back in July 2018, part of which would involve the investigation into “suspicious activity” by the firm.

Having recently concluded this investigation, the regulator has stated that a total of more than 37,000 individuals had invested money in Envion AG. Investments came via both crypto – mainly Bitcoin and Ethereum – as well as US dollars. The total of all illegal investments made to the firm’s initial coin offering was around $90.5 million.

FINMA found Envion AG to be in violation of the Swiss Banking Act, since the investments were deemed to be public deposits. Any entity receiving such deposits in Switzerland must first obtain a banking licence.

In addition to not holding a banking licence, Envion’s issuance of its EVN token was called into question. FINMA argue that certain aspects  of crypto tokens’ issuance to investors lacked consistency. Finally, on the list of statutory violations made by the firm was the fact that prospectuses did not minimum legal requirements, and there was no internal audit completed by the company.

FINMA to Concentrate Efforts on ICOs

The hangover from the ICO mania of 2017 looks like it might finally be here for many firms operating dubious fund raising campaigns seeking to cash in on the growing popularity of crypto assets. Consistent with an earlier pledge, FINMA has stated today’s press release detailing Envion AG that it will continue to focus on startups that illegally used the cutting-edge funding method of issuing tokens to sell to investors. Ultimately, it states, that this can result in the liquidation of startups, as is the case with Envion AG.

During 2017 billions of dollars poured into startups via ICOs. It now appears that most were illegal according to existing regulations.

However, this is not to be taken as hostility from the Swiss regulator towards all initial coin offerings. The regulatory body stated:

“FINMA is committed to ensuring that serious innovators can launch their ICO projects lawfully.”

Finally, the financial watchdog drew attention to the guidelines it has previously published for those thinking about launching their own crypto token and raising money via ICO.

 

Related Reading: Switzerland’s Largest Stock Exchange Launches Ethereum ETP

Featured Images from Shutterstock.
Tweet123Share213ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

bitcoin

Bitcoin Heating Up? NVT Golden Cross Hints At Potential Local Top

Bitcoin (BTC) is up 7% over the last two weeks, showing signs of strength despite expectations that the US Federal...

Ash Tiwari 3 hours ago
Ethereum Range Tightens – Liquidity Looms At $2,800 And $2,350

Ethereum Range Tightens – Liquidity Looms At $2,800 And $2,350

Ethereum is approaching a pivotal moment as it pushes to reclaim the $2,600 level, aiming to break free from weeks...

Sebastian Villafuerte 7 hours ago

FUNToken’s P2E Model Isn’t Just a Game: It’s a Scalable Digital Economy

FUNToken is going beyond basic play-to-earn mechanics by laying the groundwork for a scalable digital economy that targets the global...

NewsBTC 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

xrp price xrpusdt

XRP Price Brewing A Monster Rally? This Patter Might Hold The Key

James Halver 20 minutes ago
스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

스네이키웨이($AKE), AI 매수·인플루언서 제휴·블록체인 게임 앞세워 프리세일 개시

Soyeon Lee 1 hour ago

TOKEN6900強勢吸金:1周融資破20萬美元 無視市場邏輯再掀迷因熱潮

estherw 1 hour ago

Premium Sponsors

Press Releases

  • 3 altcoinuri de urmărit în prima săptămână a lunii iulie 2025

    5 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    XRP versus Shiba Inu: Care criptomonedă are șanse mai...

    5 hours ago
  • XRP, SOL, LTC holders turn to OPTO Miner to earn $5,777 in...

    9 hours ago
  • More and more XRP and ETH holders are turning to APT Mienr...

    9 hours ago
  • XRP versus Shiba Inu: Care criptomonedă are șanse mai mari să creeze milionari?

    ...

    11 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.