Bitcoin Mining Start-Up Envion Ordered to Close by Swiss Court

Economy & Regulation A court in Switzerland has ordered the closure of bitcoin mining startup Envion AG over concerns of poor corporate governance. The company raised $100 million in an initial coin offering (ICO) in January, but a succession of boardroom wrangles have led to a breakdown in its corporate structure, bringing operations to a halt. Also read: Canadian Bitcoin Miner Fortress Blockchain Reports $1.16M Loss in Q3 Founding Partners Sue Each Other Founding partners Michael Luckow and Matthias Woestmann have repeatedly gone to court to sue each other over allegations…

Four Crypto Firms Ordered to Cease and Desist by Colorado Securities Commissioner

Colorado State Securities Commissioner Gerald Rome has issued a cease and desist order to four Initial Coin Offerings (ICOs) for allegedly offering unregistered securities, according to an official notice published Nov. 8. The orders come as part of a state operation by the “ICO Task Force” within the Department of Regulatory Agencies (DORA), which in May of this year commenced investigations into potentially unlawful activity targeting cryptocurrency investors. With yesterday’s orders, DORA has now issued 12 cease and desist actions against ICOs. On Nov. 8, Rome signed four orders to…

Three Crypto Firms Ordered to Show Cause by Colorado State Securities Commissioner

Colorado Securities Commissioner Gerald Rome has ordered three crypto firms alleged of promoting unregistered Initial Coin Offerings (ICOs) to show cause, according to a press release August 28. An order to show cause is a court order that compels a party or individual in a case to justify, prove, or explain something in court. The orders come as part of a state investigation into “what has become a trend of allegedly fraudulent companies looking to make quick money,” according to the press release. The investigations are being conducted under the…