The office for the financial market in Austria (FMA) has suspended the mining company, on the grounds that it violated the banking legislation of the country.
On Tuesday, the regulator announced that «prohibits business model mining firms INVIA GmbH». Management believes that the company supported the work of the unregistered alternative investment Fund in violation of the Law on banking activities in Austria. However, in a press release
it is noted that a full investigation of the activities of the firm are not yet completed.
Owning INVIA INVIA GmbH company World claims is mining the most profitable altcoins using a patented algorithm. The extracted tokens are converted to bitcoin or ether, which are then paid to the investors.
According to a press release FMA, INVIA has not registered its activity from the regulator, and is not licensed to provide financial products such as alternative mutual funds.
Austrian regulators don’t often tolerate bans cryptocurrency companies. The last similar case was almost a year ago – then the authorities warned the company of the cryptocurrency OneCoin about discontinuing operations. Last July, the FMA said that OneCoin is not licensed to issue or administer payment instruments. At the same time the regulator has published a statement on its website warning investors about the fraudulent nature of the scheme.
Unlike European countries, us States can be considered world leaders to impose a ban on the activities of firms associated with cryptocurrencies, because of the increased attention of regulators to the industry. One of the Champions is the Texas «lone star State» made at least three ban since the beginning of this year, the activities of the cryptocurrency Bank AriseBank and companies BitConnect