SWISS FINANCIAL REGULATOR FINMA SHUT DOWN E-COIN

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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 without adequate resource backing, prompting a dynamic weakening of the E-Coin framework.”
With the three included elements wiped out, “FINMA has additionally propelled chapter 11 liquidation procedures against them.” notwithstanding the roughly 2 million Swiss francs worth of benefits that the administrative body has just figured out how to recuperate or piece, it envisions possibly seizing more after the finish of these procedures.
FINMA included that specific anonymous gatherings have focused on previous E-Coin clients, urging them to put resources into two different digital forms of money that it suspects of being false.
The public statement likewise cautioned would-be financial specialists that three organizations, Suisse Finance GmbH in Liquidation, Euro Solution GmbH, and Animax United LP, have been as of late set on FINMA’s notice list “because of suspicious action in a similar field,” and that the guard dog, “is leading eleven examinations concerning other apparently unapproved plans of action identifying with such coins.”

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