Austrian financial regulator halts cloud mining platforms

According to Cointelegraph, the Austrian financial regulator, the Financial Market Authority (FMA), has banned the business activities of Vienna-based cloud mining company INVIA GmbH for alleged unauthorized management of alternative investment funds (AIFs), and the relevant procedures are still under review.

INVIA GmbH is a high-performance business that offers users “profitable digital currencies” such as Bitcoin and Ethereum through a “smart mining system.” Contrary to the FMA’s claims, the company claims that it operates in compliance with the requirements of the EU legislature.