Swiss FINMA rules Envion AG’s ICO unlawful

Cryptocurrency mining firm Envion AG's initial coin offering that attracted at least 37,000 investors was organized unlawfully, the Swiss Financial Market Supervisory Authority (FINMA) found. The company, which is now in liquidation, did not possess the required statutory license when it launched the ICO. According to FINMA, Envion AG gathered more than $90 million in public deposits without the banking license required to receive those funds.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

FINMA stated the issuing of the EVN tokens did not meet the minimum legal requirements. “Furthermore, the conditions for the EVN tokens issued in a bond-like form were not equal for all investors, the prospectuses did not meet the minimum statutory requirements and there was no internal audit unit as required by law,” FINMA wrote.

Envion AG declared bankruptcy late last year due to "organisational shortcomings."