Three E-Coin vendors closed by Swiss financial authorities

Blockchain Europe Switzerland

Closure of three companies involved in an alleged cryptocurrency scam has been ordered by the Swiss Financial Market Supervisory Authority (FINMA).

The three companies – Marcelco Group AG, Quid Pro Quo Association and Digital Trading AG were lacking necessary authorization to provide sales of an “E-Coin” cryptocurrency. The token itself was not based in Blockchain but controlled by the sellers.  According to the FINMA release, the three companies received at least 4 million Swiss francs (4.2 million USD) through the token sales to hundreds of customers.

Furthermore, FINMA issued a warning to three more companies accusing them of similar, dishonest activities.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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