The FINMA of Switzerland, more commonly known as the Federal Supervisory Authority of Financial Markets comes to withdraw from the market the distributors of “pseudo-cryptomonnaies” and is currently an investigation on about 10 other case fraudulent.
Numerous investigations are conducted to detect fraud
The company’s Quid Pro Quo was widespread from the year 2016 of the “E-Corners” and accumulated funds of hundreds of clients. According to Finma, the amount earned by the association is in the region of over 4 million swiss francs (€3.5 million).
The society of Swiss public law adds further that this activity coincides with the process and transaction banking passive and remains illegal as long as the agreement issued by the law of the financial markets has not been acquired.
The E-Corners are in fact crypto currencies that are dissimilar to their counterparts. In fact, these are not backed up in a decentralized manner and are not based on the system of the Blockchain. In fact, according to the regulator switzerland, they are controlled only by their distributors and are stored on their local server. Moreover, this information has not yet been disproved by the managers in Quid Pro Quo.
In addition, the federal Supervisory Authority of Financial Markets, Switzerland also blacklisted the 3 other companies that it suspects to fraudulent activities in matters of cryptomonnaies.
A country that attacks the cryptomonnaie
This order of the society of Swiss public law occurs after that of China, which has banished the use of cryptomonnaies in the brokerage interior. Given that virtual currencies such as Bitcoin, Ether and Monero are not under the yoke of the financial authorities and the traditional banking, the risks of fraud are very high on this digital market. Moreover, the statement of the CEO of JPMorgan Chase & Co Jamie Dimon has only strengthened this aversion of ICOS. The director of the financial Holding company called the Bitcoin a “scam” and that he was going early to the later imploded.