Swiss Financial Market Supervisory Authority (FINMA) announced to shut down E-Coin. As reported by Reuters, the controlling body has already started investigating another 11 cases of fraud with digital currencies. The E-Coin project was controlled by QUID PRO QUO Association, gaining over $4 mln for the last year, reports FINMA. Supervisory authority reports that such operations are similar to opening a deposit by banks and is illegal without an appropriate license by the financial regulator. According to FINMA’s report, E-Coin was a fake cryptocurrency, as it was stored on QUID PRO QUO servers, but not ın the dıstrıbuted networks. The financial regulator has already expressed suspicions to 3 companies about illegal operations and started investigating activity of another over 10 companies, allegedly using fake cryptocurrencıes.
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From @kcnnews