10 November 2020
Last week, Cryptix became aware of a complaint by the FMA against ETR AG. Apparently, it appeared that individual parts of the FIAT Gateway of the Crypto Exchange might possibly offend against regulated processes.
From today’s perspective it was criticized that information was communicated at the frontend and that processes were running and accessible which, in their specific presentation and form, potentially violated applicable law.
At no time during the runtime of the relevant FIAT Gateway were customer assets at risk or customers impacted. As a company that spares no effort to comply with the regulator, we are concerned about the possible non-compliance of a subsidiary.
Nevertheless, ETR AG immediately ceased operations of the relevant FIAT gateway and refunded the FIAT assets to it customers, including all expenses incurred, to their respective bank accounts.
We regret this situation and will make sure that nothing like this happens again. To this end, we are subjecting all internal processes to due diligence and are implementing an additional internal, group-wide compliance filter.
As Cryptix, we apologize to our customers and employees for any inconvenience. We are doing everything possible to resume regular operations as quickly as possible. While FIAT Gateway is for now discontinued, the rest of the Crypto Exchange continues its operations.
