The Swiss financial watchdog said on Wednesday the firm behind a $90 million ini...
LONDON - The Swiss financial watchdog said on Wednesday the firm behind a $90 million initial coin offering took money illegally from investors, highlighting a readiness by regulators to apply traditional market rules to cryptocurrency-related fundraising.
FINMA said the conditions under which the tokens were issued were not equal for all investors; that the prospectuses did not meet minimum requirements; and that Envion did not have an internal audit arm - a legal requirement. Some states, like Switzerland, have moved to treat ICOs as securities, applying rules used for traditional capital markets. That means a step up in regulation for many projects, subjecting them to trading laws and detailed disclosure requirements, and offering protection to investors.
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