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.