Swiss regulator cracks down on fraudulent crypto activities
Switzerland’s financial regulator brought charges against eight “initial coin offering” (ICO) blockchain projects for breaching anti-money laundering rules last year. ICOs raise money from the public by selling digital tokens that promise to hold future value for the consumer.
The fundraising activity is designed to make it easier for start-ups to raise capital, but it has also attracted a number of fraudulent operators. The Swiss Financial Market Supervisory Authority (FINMA) investigated 60 ICOs in 2019, according to its annual report.
More than ten violated anti-money laundering rules, leading to charges being laid against the people behind eight of these ICOs. Eight companies were placed on FINMA’s warning list of firms to be avoided by the public. Enforcement proceedings were later started against three of the companies.
FINMA counted 94 ICO operations starting up in Switzerland last year compared to 184 in 2018.
In its annual reportExternal link, FINMA also warned about a growing threat from fraudulent companies that offer to store, trade or invest cryptocurrencies on behalf of people.
“There is an increasing number of fraudulent websites relating to these services, which offer their customers supposed investments in cryptocurrencies, but do not use any money they receive for the proper purposes,” it states.
Last year, a criminal complaint was brought against one unnamed provider of token custody and trading services. Enforcement proceedings were opened into a firm that acted as a go-between for clients and cryptcurrency exchanges and another company suspected of illegally selling securities in the shape of digital tokens.
In some cases, companies were forced to pay back money that they had unlawfully obtained from the public.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
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 awards first fintech banking license
This content was published on
The bank is building a community-style customer base known as “Yapsters” who will be among the first to try out its services based around their own needs. This might include a new style of account for customers’ children or a robo-advisory service that balances income, fixed household costs and a client’s desire for different goods. YAPEALExternal…
This content was published on
Switzerland must do more to deal with the growing threat of cyber- attacks, the Swiss financial watchdog FINMA has warned.
This content was published on
swissinfo.ch talked to Kurt Nydegger and Gérald Vernez from the defence ministry, who have been asked to present a strategy paper by the end of 2011 on possible technical and legal measures to avert attacks. Switzerland is particularly vulnerable to cyber attacks because of its high-tech infrastructure, while the danger is real but hard to…
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.