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FINMA investigates the Envion ICO
FINMA investigates the Envion ICO
Altcoin

FINMA investigates the Envion ICO

By Fabio Lugano - 26 Jul 2018

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FINMA, the Swiss financial market supervisory authority, today announced that it has initiated infringement proceedings against Envion A.G, the company that launched the Envion ICO.

The accusation made by the auditor is a violation of banking laws for receiving funding through the ICO without proper licences.

Envion’s ICO was one of the most successful in 2018 and ended up raising over $100 million with the issuance of ENV tokens.

Envion began operations last October in Berlin, Germany, and then moved to Baar, Switzerland, to launch the ICO.

The project foresaw the realization of autonomous modules for clean energy mining built to be in standardized containers and then be able to be placed wherever there is a suitable source of energy.

The ICO had been a great success, but there was also strong controversy, born immediately after its end due to contrasts between the TV journalist Matthias Woestmann and the team, led by Michael Luckow: the first had accused the managers of having issued 40 million extra tokens to get rich, while the second accused the journalist of having created the controversy artfully to take control of the project.

The exchange of accusations had already led to a drop in the value of the token from USD 0.31 to USD 0.16 in the space of a day, compared to the value of the ICO of 1 dollar, and had not managed to recover since then.

In its press release, FINMA pointed out that it had issued guidelines for token sales in February, but this does not mean that FINMA does not reserve the right to intervene whenever it believes that the regulations governing the subscription of capital and the financial market are being violated.

Underlying Envion’s white paper was an extremely ambitious business plan that promised economically significant financial returns to token holders.

Fabio Lugano
Fabio Lugano

Graduated with honors from Bocconi University, Fabio is a consultant for companies and wounded shareholders of the Banche Venete. He is also the author of "Scenari Economici", and lecturer and analyst of cryptocurrencies since 2016.

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