The Swiss Financial Market Supervisory Authority has announced it has launched an investigation into Tycoon69.
The Swiss Financial Market Supervisory Authority (FINMA) is Switzerland’s top financial regulator.
Tycoon69 is an MLM crypto scheme with their own MCV Ponzi points.
The company’s
business model
sees affiliates invest in MCV points, on the promise of an eventual return.
On their website, Tycoon69 provide a corporate address in Switzerland.
Details of FINMA’s investigation were announced on May 28th.
At this preliminary stage all we know is an investigator has been appointed.
As per Tycoon69’s business model, affiliates invest in MCV Points.
Tycoon69 sets the internal value of MCV points as they see fit, allowing affiliates to withdraw more than they invested.
Withdrawals are handled through an internal exchange, which Tycoon69 funds with subsequently invested funds.
Update 13th July 2019 –
On June 27th the FMA issued a
rebuttal
to Tycoon69’s claims that
it is obtaining a banking licence or is buying a bank together with the entity MCV-CAP Beteiligung AG.
The FMA therefore advises that both the aforementioned entities do not hold licences issued by the FMA and are not authorised to offer banking and financial services that require a licence.
The FMA claim Tycoon69 began making telling investors these lies after news of the regulator’s investigation went public.
Update 2nd July 2020 –
As of June 19th, Tycoon69 has ceased operating in Switzerland.
The FMA has
initiated bankruptcy proceedings
against the company.
🤖 Quick Answer
What is Tycoon69?Tycoon69 is a multilevel marketing cryptocurrency scheme operating with its own MCV Ponzi points system. Affiliates invest in MCV points with promises of eventual returns, while the company unilaterally controls point valuations, enabling withdrawals exceeding initial investments.
Why is Tycoon69 under investigation?
Switzerland's Financial Market Supervisory Authority (FINMA) launched an investigation into Tycoon69 on May 28th. The probe examines the company's MLM crypto model and MCV points structure, which exhibits characteristics of pyramid and Ponzi schemes.
What is FINMA?
FINMA is the Swiss Financial Market Supervisory Authority, functioning as Switzerland's primary financial regulator. It oversees financial institutions and markets, ensuring compliance with regulations and investigating potentially fraudulent schemes.
**How does Tyc
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