Swiss Regulator Shuts Down `Fake Cryptocurrency’ Firm E-Coin

LAGOS (Capital Markets in Africa) – Financial Market Supervisory Authority closed unauthorized providers of “fake cryptocurrency” E-Coin after the company accepted millions of francs in public deposits without holding a banking license, Finma says in statement.

• Finma started bankruptcy proceedings against legal entities involved
• Quid Pro Quo has been issuing E-Coins and ran an online trading platform together with Digital Trading AG and Marcelco Group AG
• The three entities accepted funds amounting to at least CHF4m ($4.2m) from several hundred users, ran virtual accounts for them in legal tender and E-Coins
• Finma says has “evidence of attempts by unauthorized parties to persuade former E-Coin users to invest in two new, presumably fake, cryptocurrencies”
• FINMA has also placed the following companies on its warning list due to suspicious activity: Suisse Finance GmbH in Liquidation, Euro Solution GmbH, Animax United LP