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Swiss financial regulator has dealt with the E-Coin cryptocurrency scheme

The Swiss financial markets regulator ordered the closure of three companies associated with alleged fraudulent transactions with cryptocurrencies.

20.Sep.17 10:45 AM
By Daria Zaytseva


Swiss financial regulator has dealt with the E-Coin cryptocurrency scheme

The Swiss Financial Supervisory Authority (FINMA) announced on September 19 that it closed the Quid Pro Quo Association, Digital Trading AG and Marcelco Group AG in connection with the sale of the E-Coin cryptocurrency. Apparently, the companies worked without proper authorization and, as a result, were liquidated by FINMA.

It is noteworthy that FINMA stated that, unlike other crypto-conversions, E-Coin does not function decentralized, but instead is under the complete control of those who sell them.
Notably, E-Coin is not the only supposedly fraudulent scheme of cryptography on the FINMA radar.

In its message, FINMA stated that it had warned three other companies against offering counterfeit cryptocurrencies, among them such as Suisse Finance GmbH in Liquidation, Euro Solution GmbH and Animax United LP. The regulator is also investigating other groups for potentially unauthorized sales of cryptocurrency and warns that anyone who is interested in investing in cryptocurrencies ensure that they are protected.

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