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Swiss Regulator Takes First Enforcement Action Against ICO Issuer

Switzerland’s financial regulator has opened enforcement proceedings against the issuer of an initial coin offering (ICO) for the first time in its history, after suspicions the company was accepting public deposits without the proper authorisation.

FINMA, the Swiss Financial Market Supervisory Authority, announced on Thursday that Envion AG will be under investigation over concerns it accepted deposits of as much as CHF100m (£76.5m).

The regulator said that more than 30,000 investors purchased units of its native token EVN, which was distributed in a “bond-like form” — potentially running afoul of the country’s banking laws.

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