Crypto Mining Firm INVIA GmbH Banned In Austria

News, Regulation | May 30, 2018 By:

Vienna-based cloud cryptocurrency mining company INVIA GmbH has been banned from operating in Austria for allegedly violating the country’s banking laws.

Austria’s Financial Market Authority (FMA) has ordered INVIA to cease crypto mining operations on the grounds of suspicion of unauthorized management of an Alternative Investment Fund (AIF). The FMA said INVIA did not register with the authority and is not licensed to offer financial services.

Invia World, the company behind INVIA GmbH, is said to be a platform designed to help those interested in cryptocurrencies mine profits in bitcoin, ethereum, Dash and other cryptocurrencies. Affiliates for Invia World are asked to invest in the company so they can then earn passive ROIs on the basis of 36 months. Daniel Zdesar, the CEO of the company, was involved in a prior crypto Ponzi scheme called “Questra Austria,” which is a subsidiary of “Questra World.”

The regulator said it has decided to communicate this information having received a large number of enquiries from consumers. However, the full investigation into the company has not yet been completed.

Austria’s Financial Market Authority has acted against crypto-related businesses before. Last month, the FMA included unlicensed cryptocurrency broker The Crypto Genius to its updated warning list. The regulator said Crypto Genius, which claims to facilitate trading in cryptocurrencies, was not authorized to provide ‎‎investment services or activities in the country.‎