Swiss Crypto Mining Firm Faces Enforcement Action for Potentially Unauthorized ICO
Credit:
Coin Telegraph
The Swiss Financial Market Supervisory Authority (FINMA) has launched enforcement proceedings against crypto mining firm Envion AG over its potentially unauthorized token sale, according to a FINMA press release today, July 26.
Swiss-based Envion AG is an off-grid mining company that claims to use decentralized, clean energy to power its mobile mining units, and completed its month-long Initial Coin Offering (ICO) for the EVN token in mid-January this year.
FINMA’s investigation into the case to date suggests that in the context of its ICO, Envion AG accepted approximately 100 million francs (around $100.01 million at the time) from over 30,000 investors in return for issuing EVN tokens “in a bond-like form.”