FMA Issues Warning Against Mining Race
On March 20, 2026, the FMA warned consumers against dealing with Miningrid L.L.C / Mining Race, stating the provider lacks authorization to distribute Mining Race cards in Austria. These cards are classified as an alternative investment fund (AIF) under the Alternative Investment Fund Manager Act (AIFMG), per the official warning. Anyone offering banking, financial, or securities services in Austria must hold proper FMA authorization. Mining Race is not registered, making its activities a violation of Austrian financial law and constituting securities fraud.
Mining Race and IconX Connection
Mining Race is part of IconX, a Dubai-based MLM crypto Ponzi scheme. The program pitches investments in “mining card” and “mining machine” positions that promise passive returns. It is headed by Danyal Islam, Rado Mulej, and Hind el Hadaj. Prominent figures from Dubai’s Al-Maktoum ruling family are involved, including:
- Saeed bin Hasher Al-Maktoum – IconX Chairman
- Solaiman Al-Rifai – IconX Board Member
- Rami Alsridi – IconX Managing Director and Board Member
- Ali Abuzinjal – IconX Community Director
The same individuals appear in the leadership of Mining Grid, a similar unregistered crypto mining securities offering also flagged by the FMA.
Traffic and Target Markets
As of February 2026, Mining Race’s website received approximately 25,000 monthly visits, with the largest share from Slovenia (51%), Germany (30%), and Austria (9%), per SimilarWeb data. This indicates continued recruitment efforts in Europe despite regulatory warnings.
Investor Caution
Mining Race and IconX follow a common pattern seen in MLM crypto schemes: promising passive income through “mining” investments while operating without proper licenses. Such offerings often collapse, leaving participants with losses. The FMA warning serves as a clear red flag.
Investors should verify any crypto or investment opportunity through official regulatory bodies like the FMA (fma.gv.at) or SEC (sec.gov) before committing funds. Avoid programs that rely heavily on recruitment or promise guaranteed returns with little transparency.
Bitcoin (BTC) and the broader cryptocurrency market remain unaffected by this specific warning, but schemes like Mining Race highlight the persistent risks in unregulated MLM crypto offerings.
