Austrian financial regulator FMA has issued a warning regarding Vienna-based cryptocurrency firm coin.zone GmbH. The company also operates website diecoinzone.com.

The FMA warned investors against the conclusion of banking transactions requiring a license with this provider.

The warning had to do with the company engaging in unauthorized money lending activities.

The text of the FMA’s warning follows.

Pursuant to Article 22c para. 1 no. 2 of the Financial Market Authority Act (FMABG – Finanzmarktaufsichtsbehördengesetz), the Austrian Financial Market Authority (FMA) may in imposing a sanction that has been imposed as a result of breaches of among other provisions Article 98 para. 1a of the Austrian Banking Act (BWG – Bankwesengesetz), disclose the name of the persons or entities upon whom a sanction has been imposed, as well as information about the sanction imposed.

By publication in the official gazette “Amtsblatt zur Wiener Zeitung” of 16.05.2020, the FMA hereby informs, that

coin.zone GmbH

Villacherring 59

9020 Klagenfurt

Tel:+43 664 34 868 34

E-Mail: office@thecoin.zone

Web: www.diecoinzone.com (Link to external page. Opens in new window.)

Was instructed in an administrative decision dated 19.03.2020 to cease to conduct its unauthorised business of the conclusion of money-lending agreements and the extension of monetary loans pursuant to Article 1 para. 1 no. 3 BWG (lending business).