Italy Suspends Bitsurge Token and Green Energy Certificates

Italy Suspends Bitsurge Token and Green Energy Certificates

The Italian regulator CONSOB, Commissione Nazionale per le Società e la Borsa, has suspended two allegedly scam projects from Avalon Life, a company that is not based in the European Union.

The regulator banned both projects from offering investments for 90 days, starting December 12 according to two resolutions published by the CONSOB.

CONSOB has “suspended for precautionary reasons, for ninety days, according to article 99, paragraph 1, letter b) of the Tuf, the offer to the public resident in Italy concerning the contracts on “Bitsurge token” promoted on the site bitsurge.io and on the Facebook page “Bitsurge Token.”

Regulator also “suspended for precautionary reasons, for ninety days, under article 99, paragraph 1, letter b) of the Tuf, the offer to the public residing in Italy concerning the ” Green Earth certificates ” promoted on the Facebook page “Progetto Crypto Green Earth.”

It is a precautionary resolution, so it is still unknown if the funds raising will be allowed at all. The resolution highlights that the company did not granted autonomy for customers in the management of their tokens.

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