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- According to FINMA, Envion AG has not complied with the legal requirements for licenses.
- More than 37,000 investors participated in the token offer.
The Swiss Financial Market Supervisory Authority (FINMA) has declared that the initial offer of parts (ICO) of the mining company Envion AG was illegal and "seriously violated the right of supervision". At the beginning of 2008, 37,000 investors had not complied with the legal licensing requirements.
According to the FINMA survey which began in July 2018:
- Envion AG has granted investors a 30-year period at the end of which they can claim their repayments. This is a "bond-like" instrument under the Swiss Bank Act and requires a banking license.
- The conditions under which Envion AG issued tokens were not equal for all its investors
- Finally, the company did not bother to set up an internal audit unit, which is an obligation according to the laws of the country.
FINMA noted:
"The conditions applicable to EVN tokens issued in the form of bonds were not the same for all investors, the prospectuses did not meet the minimum legal requirements and there was no service available. internal audit as required by law. In this case, this acceptance of US dollars and Ethereum and Bitcoin crypto-currencies was therefore equivalent to an acceptance of public deposits for the purposes of the Banking Act. This however requires a banking license. "
It is unclear whether the company will start repaying its investors because they are already being liquidated.
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