Austria’s financial regulatory body, the Financial Market Authority (FMA), has banned Vienna-based cloud cryptocurrency mining company INVIA GmbH from operating, according to a press release published May 29.
The firm was ordered to stop crypto mining operations on grounds of suspicion of unauthorized management of an Alternative Investment Fund (AIF). The press release also adds that INVIA is neither supervised nor licensed to operate by the FMA.
INVIA World, the parent company behind INVIA GmbH, however, countered these allegations, saying that they operate in compliance with EU Legislature.
Earlier this month, US blockchain startup ShipChain was hit with a cease-and-desist order from the South Carolina Attorney General’s Office for allegedly violating the state’s securities statutes. The Attorney General’s Office claimed that ShipChain was unregistered with the securities regulator as a broker-dealer. ShpChain later refuted the claim.
This month as well, a bitcoin investment company in Texas was ordered to cease and desist by the Texas State Security Board. This was due to the company offering unregistered securities and making false statements to mislead investors.