Swiss watchdog says cryptocurrency mining firm’s $90M ICO was illegal – The Next Web

Swiss watchdog says cryptocurrency mining firm’s $90M ICO was illegal  The Next Web

Financial regulators in Switzerland have disclosed the full extent of the fraud committed by Envion AG, a cryptocurrency “mining operation” that illegitimately collected over $90 million with an initial coin offering (ICO) last year. With this investigation, the Swiss Financial Market Supervisory Authority (FINMA) seeks to make it clear that ICOs can indeed fall within the scope of Switzerland‘s banking laws, reports Swissinfo. Regulators found Envion AG had unlawfully received deposits from at least 37,000 investors that took part in its ICO, which concluded in January 2018. Envion AG, ord...