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Swiss prosecutors have launched a money laundering investigation against a refugee who claims to have made millions from cryptocurrency trading.
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Refugiado ‘crypto milionário’ suspeito de lavagem de dinheiro
Dadvan Yousuf, 22, generated media headlines last year with his rags-to-riches story since fleeing to Switzerland with his family from Iraq at the age of three.
Yousuf told reporters that he had made millions from buying bitcoin and was setting up an educational foundation in Switzerland to educate others about cryptocurrency opportunities.
The Dohrnii Foundation was established in Switzerland in March 2021 and crypto tokens were sold to the public, which are designed to be used on a related educational platform.
But the Swiss financial regulator intervened after it suspected the foundation of having violated regulations relating to the sale of securities and accepting deposits from the public without the necessary license.
The Swiss Financial Market Supervisory Authority (FINMA) appointed a lawyer to run the affairs of the foundation while the investigation is underway.
In a latest twist, public prosecutors in canton Bern told Swiss public broadcaster SRFExternal link that they are investigating Yousuf for suspected fraud and money laundering offences.
Prosecutors say they were alerted by the Money Laundering Reporting Office Switzerland and by federal police.
Yousuf’s lawyer told the SRF investigative reporting team that his client was unaware of the criminal probe and gave no further comment.
Switzerland has earned the name ‘Crypto Nation’ for the rapid expansion of its cryptocurrency and blockchain business sector.
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As Switzerland moves to build a regulatory framework for the usage of ICOs and cryptocurrencies, the Financial Times weighs up the risks and benefits.
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