FINMA has indicated in the past that it won't stand for any nonsense by rogue crypto outfits.
Keystone
The Swiss financial regulator has opened proceedings against the German-Swiss cryptocurrency venture Envion that dissolved into bitter in-fighting and claims of fraud shortly after raising $100 million from an initial coin offering (ICO) crowdfund.
This content was published on
2 minutes
I write about the rapidly evolving artificial intelligence technology and its possible impacts on society.
Originally from England, I spent some time at the BBC in London before moving to Switzerland to join SWI swissinfo.ch.
As reported by swissinfo.ch in May, a row broke out between the company’s founders and its chief executive with both sides accusing the other of foul play. CEO and former German television news journalist Matthias Woestmann said that millions of extra tokens had been issued without authorisation and sold for illicit profit.
However, he has also been accused of illegally wresting control of the company from the original founders. Complaints were lodged with FINMA and the German authorities, leaving investors unsure of whether they would get their tokens or their money back.
EnvionExternal link got off the ground in Berlin and in October set up its headquarters in the Swiss town of Baar, in the heart of canton Zug’s Crypto Valley, to take advantage of Switzerland’s favourable regulatory environment. The company proposed making portable environmentally-friendly cryptocurrency mining units.
FINMA has made it clear in the past that it will not tolerate malpractice in the burgeoning ICO and crypto industries. Last year it shut down three companies behind illegal cryptocurrencies and said it was investigating other suspected cases.
In February it issued guidelines to regulate the ICO industry, which demarcated which tokens represented securities.
According to a recent report by PwC, Switzerland attracted $1.46 billion in ICO funds in 2017, a sum that swelled by a further $456 million between January and the end of May this year.
This content was published on
The row bears some of the hallmarks of the recent Tezos scandal that brought unwanted global attention to the self-styled Crypto Valley in canton Zug. In this case the key actors are German and the dispute may end up in the Berlin courts. But the fact that the company was established in Baar last October…
Has your continent reached its peak or is there still potential for economic growth?
Some regions of the world are on an upward trajectory with the promise of a steadily improving future. Where do you live? And in which direction is your region or continent developing?
Switzerland must pay more than originally planned for US F-35 fighter jets
This content was published on
Switzerland has been unable to push through a fixed-price deal (CHF6 billion) with the United States for 36 new F-35 fighter jets.
This content was published on
A small two-seater plane crashed into Lake Geneva near Vevey on Tuesday afternoon. The two people on board were able to escape from the submerged aircraft without any injuries.
Swiss National Bank publishes new banknote designs
This content was published on
The Swiss National Bank (SNB) is working on a new series of banknotes on the theme of “Switzerland and its altitudes”. Twelve designs for the new series have been submitted and the public's opinion is now being sought.
US envoy meets Sudan army chief in Switzerland to discuss peace proposal
This content was published on
Sudan's army chief Abdel Fattah al-Burhan and US envoy for Africa Massad Boulos met in Switzerland to discuss a US peace plan aimed at ending the civil war in Sudan.
This content was published on
Late Shift [Heldin], a film by about overworked nurses, is Switzerland's candidate for the Best International Feature Film award at the Oscars next year.
US tariffs: most Swiss rule out making future concessions, survey reveals
This content was published on
According to a survey published on Wednesday, most Swiss residents are against offering concessions to the US in the current tariff dispute.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Switzerland tarred by fresh crypto scandal
This content was published on
The row bears some of the hallmarks of the recent Tezos scandal that brought unwanted global attention to the self-styled Crypto Valley in canton Zug. In this case the key actors are German and the dispute may end up in the Berlin courts. But the fact that the company was established in Baar last October…
This content was published on
Finma has seized or blocked CHF2 million ($2.07 million) linked to Quid Pro Quo Association, which issued the E-Coins, along with Digital Trading and Marcelco Group. It has also launched bankruptcy proceedings against the trio of firms. “These three legal entities accepted funds amounting to at least four million Swiss francs from several hundred users,”…
This content was published on
The Swiss financial watchdog has published guidelines on digital currency fundraisers under which it will regulate some ICOs.
Offshore havens challenge Switzerland for swelling ICO funds
This content was published on
Blockchain start-ups obtained some $13.7 billion (CHF13.6 billion) in ICO capital until the end of May this year, according to a report by audit firm PwC and the Zug-based Crypto Valley Association. This is nearly double the total of all other funds raised until the start of this year. Companies raise start-up capital through this…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.