By admin 0 comment
STOCKHOLM IT VENTURES AB COMPLETES FINANCIAL COMPLIANCE WITH BAFIN
STOCKHOLM, SWEDEN (25 July, 2018) – Stockholm IT Ventures AB (Frankfurt Stock Exchange: SVAB), a Swedish technology company specialising in clean and efficient low-cost energy crypto currency mining, today announced it has fulfilled all financial reporting requirements and is now in compliance. BaFin, the Federal Financial Supervisory Authority for the German financial system, has since waived fines totaling EUR 402,500 previously imposed on the company.
“We are thrilled to have this matter put behind us,” said Anthony Norman, CEO of Stockholm IT Ventures. “As our company continues to evolve with a laser focus on disrupting digital financial services, we will continue to maintain a strong standing with the exchange to ensure we are maximizing value for our shareholders by maintaining full compliance.”
On 18 September 2017, BaFin imposed coercive fines against Stockholm IT Ventures. On 20 October 2017, the company filed an appeal against said fines. Stockholm IT Ventures corporate advisors, Concord Capital AG, in collaboration with its general counsel, completed publication of all past financial reporting requirements. On 30 May 2018, BaFin dropped the order against the company at which time they withdrew their appeal.
About Stockholm IT Ventures AB
Stockholm IT Ventures AB is a Swedish public company listed on the Frankfurt Stock Exchange since 2014 under the ticker symbol SVAB. The company focuses on clean and efficient low-cost energy cryptocurrency mining and production, and in blockchain related technology. All mining activities shall use clean and sustainable energy from hydro power stations in Northern Europe, requiring less heat-generating energy compared to ordinary mining for Bitcoin. The Stockholm IT Ventures stock represents a green investment in cryptocurrency technology. For more information, visit www.stockholmit.co. You can also find them on Facebook, Twitter and LinkedIn. Details on the company’s Bytemine (BYTM) token and White Paper can be found here: www.bytemine.io.