FINMA, Switzerland’s Monetary Market Supervisory Authority, has discovered Envion AG responsible of receiving business public deposits from a minimal of 37,000 buyers within the context of an preliminary coin providing (ICO). 

Envion AG is presently being liquidated.

FINMA’s enforcement proceedings in opposition to the corporate started in July 2018 and have concluded this month. Its investigation found that greater than 90 million Swiss francs had been raised by the corporate within the type of an preliminary coin providing — a once-popular and now-notorious fundraising technique that exploded in the course of the cryptocurrency bull run of 2017. This preliminary coin providing was performed and not using a correct statutory license and thus “seriously violated supervisory law,” in line with an official press launch.

The unlicensed ICO supplied buyers EVN tokens in trade for US {dollars}, ether, or bitcoins. Token homeowners have been reportedly granted “a claim to repayment after thirty years,” even though Envion AG lacked a banking license. Explains FINMA:

The circumstances for the EVN tokens issued in a bond-like type weren’t equal for all buyers, the prospectuses didn’t meet the minimal statutory necessities and there was no inner audit unit as required by legislation. Within the current case, this acceptance of US {dollars} and the Ethereum and Bitcoin cryptocurrencies subsequently amounted to an acceptance of public deposits for the needs of the Banking Act. This nevertheless requires a banking licence.


FINMA’s supervisory function, on this case, is now completed, as chapter proceedings in opposition to Envion AG have been opened by the Cantonal Courtroom of Zug. Nevertheless, the monetary regulator has famous that it “will continue to consistently take action against ICO business models which violate or circumvent supervisory law.” FINMA will not be afraid to liquidate firms that ran unlawful ICOs.

What do you consider FINMA’s actions in opposition to Envion AG? Do you assume the preliminary coin providing (ICO) bubble has effectively and actually popped, or will safety token choices (STOs) and preliminary trade choices (IEOs) take its place? Tell us your ideas within the feedback beneath! 

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