SWISS FINANCIAL REGULATOR FINMA SHUT DOWN E-COIN
Swiss Financial Market Supervisory Authority, or FINMA, reported in an official statement today that it has sold E-Coin guarantor QUID PRO QUO Association and in addition two substances, DIGITAL TRADING AG and Marcelo Group AG, which aggregate gathered no less than 4 million Swiss francs through the offer of E-Coin to “a few hundred clients.” FINMA reports that two particular concerns provoked this authorization activity: in the first place, neither the affiliation nor the other two included associations were authorized for such “store taking business,” and second, E-Coin did not meet FINMA’s guidelines of a substantial digital currency. As opposed to existing on a blockchain, as most have generally expected of digital forms of money, the E-Coins were situated individually servers, and disregarding the Association’s claim that 80 percent of the cash was sponsored by unmistakable resources, “the real rate was essentially lower. Besides, significant tranches of E-Coins were issued ...