The Swiss regulator opened a case against the ICO, which collected $100 million.

[Paha87]

The Swiss financial market Supervisory authority (FINMA), announced that it has initiated a case against the Issuer of the initial coin offering (ICO) Envion AG. A press release issued by the Swiss financial market Supervisory authority showed that the regulator initiated a compulsory legal proceedings against Envion AG.

FINMA States that the regulator is "evidence that the company can break the law on the financial market in relation to the ICO". The press release also States that"the proceedings will focus in particular on possible violations of banking law as a result of potentially unauthorized acceptance of state deposits in connection with the initial coin offering (ICO) for the EVN token."

The publication explains:

"Research conducted by FINMA to date, show that in the context of its ICO company Envion AG received funds in the amount of approximately 100 million francs (approximately 100,6 million USD) from over 30,000 investors in exchange for tokens EVN issued as bonds."

Denial of responsibility
The document contains Envion AG legal disclaimer rights, which States that "neither the Swiss financial market regulator (FINMA) or the Commission on securities and exchange Commission (SEC), nor any other foreign regulatory authority has approved investment in tokens".

The disclaimer adds that " the EVN token can be classified as securities because it gives token holders the right to profit from mining. This token, as such, is subject to certain restrictions under U.S. securities laws. ICO Envion conforms to these rules and restrict access to US citizens, holders of green cards and U.S. residents of non - "accredited investors" in accordance with Rule D of the Law on protection of securities No. 56 (4)".

In may, the new York Times published an article claiming that Envion "is falling apart because of its creators, who accuse each other of fraud" after an apparent loss of control over the company by its founders.

The Swiss financial market Supervisory authority added that it "will not comment on the case until it is completed".

Link to the source of information(Russian) - https://altstake.io/news/shveycarskiy-regulyator-zavel-delo-protivico-sobravshego-100-mln