Swiss Regulator FINMA drives last nail on Envion AG Coffin Ruling Unlawful ICO as ClaimsMarch 28, 2019
Swiss’ equivalent of the SEC, FINMA has concluded its investigation of the Envion AG ICO it launched last year July 2018 ruling it as illegal in its recently released report.
The embattled Envion launched out in 2017 offering its investors decentralized, clean energy for mobile mining units by issuing EVN tokens tradable on digital assets exchange to its investors. It was able to receive as much as 90 million francs from about 37,000 contributors accepting contributions in Bitcoin, Ethereum and US dollars in fiat.
Envion’s co-founder Michael Luckow made some efforts at saving his firm but it has since been taken over by the Swiss Cantonal Court of Zug Switzerland which has dissolved it as seen displayed on Envion AG’s website
FINMA, in its report cited reasons for hacking down on Envion AG, stating
“the conditions for the EVN tokens issued in a bond-like form were not equal for all investors, the prospectuses did not meet the minimum statutory requirements and there was no internal audit unit as required by law. In the present case, this acceptance of US dollars and the Ethereum and Bitcoin cryptocurrencies, therefore, amounted to an acceptance of public deposits for the purposes of the Banking Act. This, however, requires a banking license.”
It went further to state no further actions were necessary as the Cantonal Court of Zug had already taken it over on grounds of shortcomings and irregularities. It, however, gave a stern warning to those who might be nursing plans of toeing the Envion AG route stating its readiness to continue clamping down on illegal ICOs which violate or circumvent supervisory law. It says it will eventually be liquidated by FINMA if found wanting.
EVN token as at press time trades just around $0.06 as seen on coinmarketcap.com and further investigation as to how the Envion Community is taking the news found out communications still goes ok sparingly in their telegram group named Envion-Founders and their new website still showing some activities.
Could this lend more credence to the claims that the era of ICOs are over? The future holds more.