FINMA Launches Proceedings Against $100 Million ICO Envion AG
Switzerland’s financial regulator, the Swiss Financial Market Supervisory Authority (FINMA), has announced that it has launched proceedings against initial coin offering (ICO) issuer, Envion AG. Also Read: Bolivar ‘Anchored’ to the Petro to Be Issued in August, Maduro Says FINMA Launches Proceeding Against $100 Million ICO A press release published by the Swiss Financial Market Supervisory […]
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Swiss Regulators Probe Crypto Mining Company Envion
The Swiss Financial Market Supervisory Authority (FINMA) has today announced enforcement proceedings against crypto mining firm Envion. The regulators believe that the German-Swiss start-up has been operating in breach of national banking laws. Legal Proceedings Brought Against Fraudulent German-Swiss Crypto Firm Envion Although largely welcoming to cryptocurrency businesses, Switzerland’s financial regulators are working hard to...
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The court hearing between the founders of Envion and their CEO took place at 11AM (CEST) today. The hearing, also known as the “Founders against Van Aubel and Matthias Woestman”, was held at the Landgericht Berlin (Court Berlin). A Quick Recap After raising over $100 million in a successful ICO round earlier this year, the … Continue reading<span class="screen-reader-text"> "BREAKING: Rogue Envion CEO Ditches Court Hearing"</span>
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Envion ICO Turns Into a Legal Battle Despite Raising $100M
The initial coin offering industry is plagued by scams, shady projects, and a lot of miscommunication. In the case of the Envion ICO, the founders are suing Matthias Woestmann and his corporation for breaching contractual obligations. This legal action against the shareholders of Envion AG, registered in Switzerland, doesn’t bode all that well for this particular project. What is Going on With Envion? As we have seen with the Tezos ICO, a discrepancy between initial promises and the end result often leads to legal action. While the Tezos team was capable of resolving such concerns amicably after a few tough months, it