Tech 30 May 2018Gerald Fenech
Austrian regulator bans unlicensed crypto mining company
The Austrian Financial Market Authority (FMA) has come down strongly on Vienna-based cloud cryptocurrency mining company INVIA GmbH, which has been allegedly conducting unauthorized operations.
On Tuesday, the financial regulator ordered INVIA GmbH to cease its digital currency mining operations due to suspicion of unauthorised management of an Alternative Investment Fund (AIF), noting that INVIA is not supervised nor is it licensed by the FMA.
INVIA GmbH, owned by INVIA World, offers BTC and ETH mining using what it calls an “intelligent mining system” that pays mining operators proceeds to its users. According to INVIA, its operations comply with EU laws.
The situation regarding illicit cryptocurrency mining activities around the world is rather dire, with a scam going on every other day and gullible investors being duped on a regular basis. This climate is making people lose faith in the cryptocurrency, mining and ICO market since several of these scams are making off with millions of dollars in investor’s funds.
Several weeks ago, the U.S. blockchain startup ShipChain was issued with a cease and desist order from the Attorney General of South Carolina for the violation of the state’s securities status. ShipChain refuted the claim that the company was unregistered with the securities regulator as a broker dealer but the order went ahead nonetheless.
The Texas State Security Board also issued a cease and desist order to cryptocurrency investment companies Forex EA and Bitcoin Investment LLC, which authorities said have been offering unregistered securities whilst also making deceiving statements that mislead investors.
This week, the Alabama Security Commission sent cease and desist letters to five cryptocurrency companies suspected of violating securities laws, as part of a wider crackdown known as ‘Operation Crypto-Sweep.’ The companies in question include three Los Angeles-based firms, which are accused of promoting ICOs and cryptocurrency schemes within Alabama.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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