Austria's financial watchdog has cracked down on Mining Race, a cryptocurrency scheme that's been quietly targeting European investors.
On March 20th, the Financial Market Authority (FMA) issued a formal fraud warning against Miningrid L.L.C, operating as Mining Race. The company has no authorization to sell mining cards in Austria—investments the regulator classifies as alternative investment funds under Austrian law. Anyone offering financial services in the country needs FMA approval. Mining Race never got it.
The scheme operates out of Dubai and forms part of IconX, a broader multilevel marketing operation built on cryptocurrency promises. Mining Race sells investors "mining cards" and "mining machines" that supposedly generate passive returns. There's no evidence they do.
The operation is run by Danyal Islam, Rado Mulej, and Hind el Hadaj. But the real names involved are more prominent. Saeed bin Hasher Al-Maktoum, a member of Dubai's ruling Al-Maktoum family, chairs IconX. Three other family associates sit on the board: Solaiman Al-Rifai, Rami Alsridi, and Ali Abuzinjal.
The same crew appears in Mining Grid, a parallel cryptocurrency scheme also flagged by Austrian regulators. Al-Maktoum, Al-Rifai, and Alsridi hold leadership positions there too.
Money has been flowing in. As of February 2026, SimilarWeb tracked roughly 25,000 monthly visits to the Mining Race website. Slovenia sent the most traffic at 51%, followed by Germany at 30%. Austria itself accounted for 9%—a particular concern for the FMA given the company's specific targeting of Austrian investors despite operating without authorization.
The Austrian regulator's warning is clear: don't send money to Mining Race. Under Austrian financial law, selling unregistered securities is fraud. Mining Race is doing exactly that.
🤖 Quick Answer
What is Mining Race and why was it flagged by Austrian authorities?Mining Race is a cryptocurrency mining investment scheme operated by Miningrid L.L.C., based in Dubai. On March 20, Austria's Financial Market Authority (FMA) issued a formal fraud warning against the company for offering mining cards classified as alternative investment funds without the required regulatory authorization to sell financial products in Austria.
How does Mining Race operate and what does it sell to investors?
Mining Race sells "mining cards" and "mining machines" marketed as tools for generating passive cryptocurrency returns. The scheme forms part of IconX, a broader multilevel marketing organization built on cryptocurrency promises. Austrian regulators have indicated there is no verified evidence that these products deliver the advertised returns to investors.
What regulatory requirements did Mining Race violate in Austria?
Under Austrian law, the mining cards offered by Mining Race are classified as alternative investment funds. Any entity offering such financial
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