Finma denounces “crypto king” Dadvan Yousuf

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The Swiss Financial Market Supervisory Authority, Finma, has completed its investigation into a foundation operating in the crypto industry. The official concludes that the Dohrnii Foundation and its founder, Dadvan Yousuf (22) are seriously violating the provisions of the regulation in several respects. Yusuf made headlines last year as the “king of crypto”. According to his own statements, he is said to have made a huge fortune with his crypto investments.

FINMA announced on Wednesday that, with the publication of its investigation report, the enforcement proceedings against the foundation in May 2022 were officially completed. The Zug cantonal court filed for bankruptcy as early as March 2023 due to over-indebtedness and the foundation is in the process of being dissolved.

Regulatory provisions violated

A suspension and withdrawal decision is made to the founder of the foundation and this is published on the website for a period of five years. Finma’s decision is not final and can be challenged by the parties in the Federal Administrative Court.

As part of the investigation, Finma found that the foundation was engaged in various activities that required licenses when the “DHN token” was released in the spring of 2021. Around 3m euros tokens were sold to 500 private individuals without being used as described. A relevant platform for using tokens has never been functional.

There is also a criminal case against Yusuf.

Also, as of 2019, the foundation’s founder received a total of 1.5 million Swiss francs in funding, including investment and repayment in the crypto sector. According to the report, he and his foundation acted as a securities firm and financial intermediary without permission.

According to media reports, a criminal case is currently pending in the canton of Bern against the founder Dadvan Yousuf, who is accused, among other things, of commercial fraud and embezzlement. Yusuf came to Switzerland as a refugee from Kurdistan at the age of three and has repeatedly attracted media attention at home and abroad. He says he became a millionaire as a teenager, investing in cryptocurrencies like Bitcoin and Ethereum. (SDA/smt)

Source :Blick