Published on July 27th, 2018 | by bitcoin0
$100m Ico has actions pending by Finma
Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), has announced that it has launched proceedings against initial coin offering (ICO) issuer, Envion AG.
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FINMA Launches Proceeding Against $100 Million ICO
A press release published by the Swiss Financial Market Supervisory Authority has revealed that the regulator has initiated enforcement proceedings against Envion AG.
Finma states that it has “evidence that the company may have breached financial market law in relation to an ICO.” The press release states that the proceedings will focus “in particular on possible breaches of banking law resulting from the potentially unauthorized acceptance of public deposits in connection with the Initial Coin Offering (ICO) for the EVN token.”
“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 [approximately $100.6 million USD] from more than 30,000 investors in return for issuing EVN tokens in a bond-like form,” the release continues.
The token is, as such, subject to certain restrictions under US security laws.
The Swiss Financial Market Supervisory Authority added that it “will make no further comment on the proceedings until they are concluded.”
What are your thoughts on FINMA’s decision to launch proceedings against Envion?