The Swiss service for supervision of financial markets (FINMA) began the test campaign for the initial placement of coins (ICO) conducted a startup Envion AG in December 2017 and January 2018. After collecting more than $100 million investment, the startup is, however, also accepted Fiat deposits in exchange for tokens EVN, thus violating the current legislation, according to CoinDesk.

“The investigations conducted by FINMA, saying that during the ICO company Envion AG has attracted investments worth more than 100 million francs from more than 30 thousand investors in exchange for the issue of tokens EVN”, — reads the statement of FINMA.

As the newspaper notes, the startup is in a state of uncertainty for several months, while its top-managers blame each other in violation of the laws.

In may, Envion CEO Matthias Woestmann accused the founders of the company to issue additional tokens for their own benefit. Those, in turn, said that Wostmann seized full control of the company, thereby violating the conditions of the signed contract with him.

Envion AG entered the market with a proposal to create a new solution for mining cryptocurrency, promising the development of so-called Mobile Mining Units (MMUs) to be able to obtain electricity directly from the sources of its production: conventional, hydro and solar power plants and wind turbines.

In February it was reported that Envion AG is negotiating the purchase generated from renewable energy sources at Europe’s largest power company Enel.