Swiss financial regulator is sending a lawyer to supervise the foundation of fintech entrepreneur Dadvan Yousef.
Finma, the Swiss financial market supervisory authority, will be taking a closer look at the Dohrnii Foundation of Dadvan Yousuf by taking the precautionary measure of appointing a lawyer as an investigator.
According to Finma, the «mandated investigator is authorized to act as a sole representative on behalf of the foundation. The former signatories are no longer allowed to act on behalf of the foundation without consent of the mandated investigator.»
Listing of Tokens Halted
A report from the «Tages-Anzeiger» newspaper (behind paywall, in German) quoting a spokesman for the regulator, said the authority acted on indications the foundation or persons associated with it may have offered securities, issued means of payment, and accepted public deposits without the required authorization. Finma is clarifying whether an unauthorized activity is being carried out.
The Dohrnii Foundation operates a financial knowledge platform and issues a cryptocurrency of the same name, while apparently also promoting the Dohrnii token. According to further reports, Finma recently prohibited the foundation from trading the token on a crypto exchange.
Refugee to Millionaire?
Yousuf, a young entrepreneur, has already made headlines on various occasions. He fled the Kurdish part of Iraq with his family to Switzerland when he was three years old. By the time he was eleven, he was already trading cryptocurrencies, saying this is how he became a millionaire. In 2021, Dadvan founded the Dorhnii Foundation.
Last November, Yousuf had joined the Liechtenstein fintech company Crowdlitoken and had taken over the management of the real estate startup, as also reported by finews.ch. The company is also issuing a token.
