INVIA GmbH Crypto Mining Firm Gets Investigated by Austrian Regulator

Austrian Regulator Freezes Crypto Mining Firm Amid Investigation

The tension between countries’ regulatory agents and cryptocurrency platforms seems to not only continue, bot to increase as well. The latest country to take action is Austria. The country’s Financial Market Authority has denied a cryptocurrency mining firm from operating amid allegations that the company has violated Austria’s banking laws.

According to the regulator’s most recent announcement on Tuesday, it has “prohibited the business model of INVIA GmbH” a mining firm, for the unauthorized Alternative Investment Fund violation. The fund apparently violated the Austria Banking Act and accordingly, regulators have started a full investigation into the company to determine the extent of the violation.

INVIA World, a parent company to INVIA GmbH, stated that it mines the most profitable cryptocurrency using a proprietary algorithm. Thereafter, the mined tokens are converted to bitcoin or ethereum, which are then paid to investors.

FMA’s most recent release stated that INVIA failed to register with regulators and as a result, it does not have the necessary authorization to offer financial products, including alternative investment funds. This move is one of the first in almost a year that Austrian authorities have warned a platform to stop its operations.

Get Free Email Updates!

*Action Required* Enter Your Email for Trending Crypto News & Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Coin Market Cap Price Change 24 Hour Volume
BTC $154.7B $8,727.5030 9.44% $8.63B
ETH $28.38B $267.1661 7.61% $3.04B
XRP $17.26B $0.4098 7.42% $746.02M
BCH $7.69B $431.9539 8.54% $642.5M
LTC $7.07B $114.0393 12.66% $1.43B
EOS $6.35B $6.9525 10.35% $975.48M
BNB $4.88B $34.5394 3.51% $340.67M
USDT $3.1B $1.0042 0.08% $7.64B
XLM $2.57B $0.1330 7.18% $65.16M
ADA $2.22B $0.0855 7.22% $86.79M

Get 3 Free Bitcoin eBooks for Limited Time Only

Receive three exclusive user guides detailing a) What is Bitcoin b) How Cryptocurrency Works and c) Top Crypto Exchanges today plus a bonus report on Blockchain distributed ledger technology plus top news insights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here