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August 12 Update:
We have met FINMA's investigators again yesterday, as scheduled.
This (final) interview was satisfactory as well, as we cleared the last questions that the investigators had for us.
They advised us that they'll send their report to FINMA by the end of next week, after which FINMA will be in a position to make a decision as to If / When / How / under what provisions we could resume operations.
We'll keep you posted as to what FINMA's position will be as soon as we'll know about it. |
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July 5, 2010 Notice:
Dear Customers,
Following a decision by the Swiss FINMA (http://www.finma.ch/e/Pages/default.aspx) dated July, 2, 2010 to issue a a "cease and desist" order on us, DETAILS HERE, we had to stop all our exchanges, pending the result of FINMA's investigation on our activities. |
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From what we understand so far, FINMA suspects that we hold our customer's funds as "deposits" (which would indeed be against the law without proper Banking licenses), and does not seem to believe that our only real activities are in fact to enable our customers to convert their funds (USD / EUR / CHF Bank wires) into third party Digital Gold as c-gold, Pecunix, or to e-Currencies as Liberty Reserve, Global Digital Pay, etc.
Obviously, our (mostly repeat) customers know that FINMA's suspicions are unfounded, and that when our clients order Gold, or e-Currencies from us, we transfer the Gold / e-Currency to their accounts held at the respective third party issuers as soon as their Bank wire clears into our Bank accounts.
(Or that when our customers transfer their Gold, or e-Currencies to us from their respective accounts, we send Bank wires to them in exchange).
Therefore, EuroGold Exchanges never, at any point in time, or in any way, "hold", "keep", or "Store" any of our customer's funds, Gold, or e-Currencies ourselves.
In order to enquire about our case, FINMA has appointed two attorneys from BERN as investigators. Those investigators are actively in the process of examining our company records in order to determine, and establish our real activities.
Considering what our activities are, the data, and the facts we'll be able to provide to the FINMA investigators, we are confident that our case will end up favorably. However, our activity not being «main stream», it may take some time for the investigators to fully comprehend what it really is.
We expect that the investigation will take approximately until the end of July 2010 before a decision will be made regarding the legality of our activities.
Until then, and unless another decisions are made by FINMA in the interim, we wil not be able to accept, process, or complete any of our customers' orders.
We are very sorry for the inconvenience that these decisions, and actions - out of our control - may cause to our customers.
We will keep you posted as to the evolution of the investigation, in accordance with the investigators approvals.
EuroGold Echanges sarl |
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