The Austrian Financial Market Authority (FMA) has “prohibited the business model of Invia GmbH”, alleging that the firm violated the country’s banking laws. The regulator claims that Invia failed to register with the FMA, and unlawfully managed an alternative investment fund, both of which constitute direct violations of the Austrian Banking Act.
According to information previously posted by Invia World, the company used a client-specific algorithm to mine the most profitable cryptocurrencies, converting them into Bitcoin (Bitcoin) or Ethereum (ETH/USD), and paying them out to investors. Company representatives claim that it was licensed in Austria, adding that its software is nothing short of revolutionary in the field of cryptocurrency mining.
Earlier this winter, the FMA asked Interpol to open an investigation into Optioment, a fraudulent scheme that affected more than 10 thousand investors from Austria, Denmark, Latvia, Poland and other countries. The scheme’s operators claimed to be running a “private Costa Rica-based Bitcoin fund”, defrauding clients of over 12 thousand Bitcoins ($115 million).
By Nadya Astam