Swiss firm Envion AG, which is now in liquidation, accepted more than 90 million Swiss francs ($91 million) from at least 37,000 investors in exchange for bond-like tokens issued without a license, the Swiss Financial Market Supervisory Authority (FINMA) said in a statement.
FINMA said the conditions under which the tokens were issued were not equal for all investors; that the prospectuses did not meet minimum requirements; and that Envion did not have an internal audit arm – a legal requirement.
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