SwissCoin added to FINMA warning list
FINMA are an “independent supervisory authority” that regulate Switzerland’s financial markets.
As per FINMA’s website, the regulator’s
mandate is to supervise banks, insurance companies, exchanges, securities dealers, collective investment schemes, and their asset managers and fund management companies.
It also regulates distributors and insurance intermediaries. It is charged with protecting creditors, investors and policyholders.
FINMA is responsible for ensuring that Switzerland’s financial markets function effectively.
On the 30th of September 2016, FINMA added SwissCoin to their warning list.
FINMA begins an investigation of a company suspected of fraud. If a company does not comply with requests for information or information supplied is false, FINMA add the company to its warning list.
A company can also be added ‘when FINMA investigations reveal an imminent and considerable threat to investors‘.
While FINMA is conducting an investigation, a company remains on its warning list.
BehindMLM reviewed SwissCoin in May of 2016 and concluded it was a token-based Ponzi points scheme.
Last August the German consumer organization Stiftung Warentest also issued a warning against SwissCoin.