Austrian crypto-miner INVIA has been prohibited from operating under its current business model by Austria's Financial Market Authority (FMA) for violating banking laws by allegedly offering financial services apart from its mining operations.
Though INVIA is neither licensed by nor supervised by the FMA, the regulatory authority has taken up the investigations after having received a large number of enquiries from consumers.
The FMA has urged INVIA to cease the unauthorized business operations, while the full investigation into the company is still pending.
The FMA has issued a "procedural instruction" for prohibiting INVIA's current business model which offers financial services in conjunction with the mining of cryptocurrencies.
FMA has imposed a ban on the company's business activities on the suspicion that it is offering unauthorized management of an Alternative Investment Fund (AIF) without the license or supervision by the regulator.
The company's website currently says "Temporarily Offline" in connection with an investigation.
INVIA calls itself the world's leading cloud crypto mining service suitable for small and large-scale investors. It offers the mining of profitable coins such as Bitcoin and Ethereum through an intelligent mining system.
For comments and feedback: editorial@rttnews.com