Austrian Financial Regulator Halts Operations of Crypto Mining Platform

The Austrian Financial Market Authority (FMA) has banned the business activities of a Vienna-based cloud cryptocurrency mining company INVIA GmbH, according to an FMA press release published May 29.

The company was ordered to cease digital currencies mining operations on the grounds of suspicion of unauthorised management of an Alternative Investment Fund (AIF). The procedure concerning the prohibition is still pending. The press release adds the INVIA is neither supervised nor licensed by the FMA.

INVIA World, the company behind INVIA GmbH, offers mining of “profitable coins” like Bitcoin and Ethereum through an “intelligent mining system,” paying proceeds from mining operations to its users. Contrary to the FMA’s claims, the company asserts that it operates in compliance with EU legislature…

Source: Austrian Financial Regulator Halts Operations of Crypto Mining Platform