The Austrian FMA (Financial Market Authority) banned cryptocurrency mining company INVIA GmbH from its’ operations in according to the official release published on May 29.

Mining operations of INVIA were ordered to be ceased, due to the suspicion that AIF (Alternative Investment Fund) initiated. The procedure of the prohibition is still under consideration. The concern was raised, as the INVIA is not under control, neither it has any license by the FMA.

INVIA offers mining cloud services to its clients. Bitcoin and Ethereum are mined through INVIA’s “intelligent mining system”. The company claims that all their operations are compliant with EU legislature, in opposition to FMA’s accusation.

INVIA is not the first company with relation to the cryptocurrency that is being prosecuted by the local financial authority. For example, this month Bitcoin investment company from Texas was ordered to cancel its operations by the Texas State, due to the offering of unregistered financial instruments that may “mislead” investors. What is more, earlier this month, US startup ShipChain was forced to stop its business procedures for violation of the state’s securities statutes. Consequently, the startup was able to refute the claim against them.

Sources:

https://cointelegraph.com/news/austrian-financial-regulator-halts-operations-of-crypto-mining-platform