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FINMA: $90 million Envion AG ICO is “illegal”

Published 04/01/2019, 01:37 AM
Updated 04/01/2019, 01:38 AM
© Reuters.

  • As per FINMA, Envion AG didn’t follow the necessary statutory licensing requirements.
  • More than 37,000 investors participated in the token offering.

The Swiss Financial Market Supervisory Authority (FINMA) declared that the initial coin offering (ICO) of crypto mining firm Envion AG is illegal and “seriously violated supervisory law.” As per FINMA, the ICO, which raised 90 million USD and attracted more than 37,000 investors in early 2008, didn’t follow the necessary statutory licensing requirements.

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