Swiss Regulator Launches Proceedings Against ICO Issuer

Law360, London (July 26, 2018, 1:39 PM BST) -- The Swiss financial regulator said Thursday it has launched enforcement proceedings against a German-Swiss cryptocurrency venture, alleging that the start-up could have broken banking laws with a "potentially unauthorized acceptance of public deposits" during an initial coin offering.

The Swiss Financial Market Supervisory Authority said it has evidence that Envion AG — a blockchain startup — may have breached financial market law during an ICO in January, which raised $100 million.

FINMA said the firm could have breached rules during the coin offering, in which Envion accepted approximately 100 million Swiss francs ($100 million) from more than 30,000 investors in return for issuing its...

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