Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
The move by the Finma watchdog comes on the heels of Chinese authorities ordering Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure.
The Quid Pro Quo Association shut down by Finma had provided so-called E-Coins for more than a year and had amassed funds of at least 4 million Swiss francs ($4.2 million) from several hundred users, Finma said.
"This activity is similar to the deposit-taking business of a bank and is illegal unless the company in question holds the relevant financial market licence," Finma, Switzerland's Financial Market Supervisory Authority, said.
E-Coin was not like "real cryptocurrencies", Finma said, because it was not stored on distributed networks using blockchain technology but was instead kept locally on Quid Pro Quo's servers. - Reuters
Earlier, interest-free loans were announced for Emiratis whose businesses were affected by the rains, with a grace period of 6 to 12 months
Following a $3 per barrel average global price increase in March, petrol prices for April increased by 12 fils per litre in the UAE
Annual rents in Dubai are usually paid in two, four or six instalments via post-dated cheques
NCM official says May 2-3 is identified as the ‘peak’ of the situation
PSG are still involved in the Champions League in what could turn out to be the club's finest ever season
World number three Alcaraz, 20, missed a month prior to Madrid with a forearm issue
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham