Bitcoin investors have been able to make huge gains, but can also suffer losses, with the volatile digital currency.
Copyright 2021 The Associated Press. All Rights Reserved
Swiss prosecutors have launched a money laundering investigation against a refugee who claims to have made millions from cryptocurrency trading.
This content was published on
2 minutes
swissinfo.ch/mga
Português
pt
Refugiado ‘crypto milionário’ suspeito de lavagem de dinheiro
Dadvan Yousuf, 22, generated media headlines last year with his rags-to-riches story since fleeing to Switzerland with his family from Iraq at the age of three.
Yousuf told reporters that he had made millions from buying bitcoin and was setting up an educational foundation in Switzerland to educate others about cryptocurrency opportunities.
The Dohrnii Foundation was established in Switzerland in March 2021 and crypto tokens were sold to the public, which are designed to be used on a related educational platform.
But the Swiss financial regulator intervened after it suspected the foundation of having violated regulations relating to the sale of securities and accepting deposits from the public without the necessary license.
The Swiss Financial Market Supervisory Authority (FINMA) appointed a lawyer to run the affairs of the foundation while the investigation is underway.
In a latest twist, public prosecutors in canton Bern told Swiss public broadcaster SRFExternal link that they are investigating Yousuf for suspected fraud and money laundering offences.
Prosecutors say they were alerted by the Money Laundering Reporting Office Switzerland and by federal police.
Yousuf’s lawyer told the SRF investigative reporting team that his client was unaware of the criminal probe and gave no further comment.
Switzerland has earned the name ‘Crypto Nation’ for the rapid expansion of its cryptocurrency and blockchain business sector.
In Switzerland more people are being referred to electrical therapies or psychedelic-assisted psychotherapy. Are there similar approaches where you live?
Switzerland to give millions to three UN organisations
This content was published on
Switzerland is supporting Unicef, UN Women and the UN Population Fund this year with a total of CHF39 million ($47 million).
Electricity reserves still needed in Switzerland in midterm
This content was published on
Switzerland's energy supply remains uncertain. Electricity reserves are still needed in the medium term, the Federal Electricity Commission (ElCom) said.
ICRC says next few days will be ‘decisive’ for aid to Gaza
This content was published on
The next few days will be absolutely decisive if the Geneva-based International Committee of the Red Cross (ICRC) to continue providing aid in the Gaza Strip, said its director-general Pierre Krähenbühl.
Switzerland unveils a national drought-detection system
This content was published on
Switzerland launched on Thursday a new national system for detecting drought and warning the population and authorities in advance.
Federal coffers to get CHF100 million boost from Swiss Post
This content was published on
Swiss Post will pay a dividend of CHF100 million ($121 million) to the Confederation this year, the company announced on Thursday.
Swiss Federal Railways satisfied with bodycams for transport police
This content was published on
Since the introduction of body-worn cameras, the frequency of assaults on Swiss Federal Railways transport police has fallen by 25%.
Zurich cantonal government to compensate victims of forced labour
This content was published on
Victims of past forced labour measures in canton Zurich could soon apply to receive a one-off solidarity compensation of CHF25,000 ($30,255).
Risk of a real-estate bubble in Switzerland grew in first quarter
This content was published on
The risk of a bubble in the Swiss property market increased slightly in the first three months of the year compared with the previous quarter, says UBS.
French authorities order Nestlé to remove its filtration system
This content was published on
Authorities in the south of France have served formal notice to Nestlé Waters, a subsidiary of the Swiss food giant, to "withdraw within two months" its microfiltration system for its Perrier mineral water.
Switzerland says pushbacks at border by Germany are unlawful
This content was published on
Switzerland considers Germany's planned systematic pushbacks at the border to be contrary to existing law, the department of justice has said.
This content was published on
As Switzerland moves to build a regulatory framework for the usage of ICOs and cryptocurrencies, the Financial Times weighs up the risks and benefits.
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.