The Crypto Valley Association, an association of industries that oversees the Swiss crypto market, is now investigating accusations that were made against one of its members after a platform was closed down in February.
A company called Blue Trading decided to shut down its business last month after its services allegedly malfunctioned, which caused investors to lose a lot of money. At the same time that this was happening, the BlueVenture Group has faced a crisis of confidence as some international financial bodies have argued against the legitimacy of the group’s operations.
According to the Crypto Valley Association, several people denounced the companies and the association is currently looking at the allegations in order to discover how to move forward. Blue Trading is being accused of inappropriate business conduct based in the General Code of Conduct, which was released by the association when it was formed.
Nobody Is Actually Surprised: BlueVenture Group Had Problems Before
The BluVenture Group, which owns the platform, was expelled from Hong Kong’s brokerage body last year.
According to the reports at the time, the group, with its two business, Blue Broker and Blue Trading, were expelled after violating the Rules and Guidelines for the membership in the group and for failure to adhere to the standards that were expected from members.
It gets worse. The financial regulator of the United Kingdom (Financial Conduct Authority) also decided to warn the company for not following the regulation before it was expelled from the group based in Hong Kong.
At the time, the accusations were from operating financial services without having all the permissions that were necessary for the kind of services that the company provided.
BlueTrading Closed Down, Now What?
So now users from BlueTrading are, as usual, fearing about their funds and any possible complications from the company shutting down. Fortunately, it looks like the company will give people’s money back without any need for a legal battle.
BlueTrading has affirmed on its website that people have until March 15 to withdraw their funds from the company before the service is shut down forever.
This is less than a whole month, however, which may be a problem for some people, as many do not like such tight schedules to shut down accounts and generally call this an “exit scam” because a lot of people simply do not know about their funds being gone until it is too late.
About the Crypto Valley Association
The Crypto Valley Association is an important self-regulatory organization in Switzerland. It is currently based in the city of Zug and it was created by local blockchain organizations and companies. Their main goal is to support an environment in which the blockchain can thrive and innovation can be promoted fairly;
Switzerland was defined as the fastest-growing tech hub in Europe last year, so the importance of this group is very big for the local companies, as it lobbies for them with the government and acts as a self-regulatory body.