Mining Race Securities Fraud Warning Issued by Estonia
Mining Race has come under regulatory scrutiny after receiving a securities fraud warning from Estonia’s financial regulator. The warning was issued by the Estonian Financial Supervisory Authority (Finantsinspektsioon – FI), which stated that the company is offering investment services in Estonia without the required authorization.
According to FI, Mining Race and its associated entity, Miningrid LLC, are operating illegally by promoting investment opportunities without a valid financial license.
Estonian Regulator Declares Mining Race Unauthorized
In its official notice published on June 4, 2026, Finantsinspektsioon warned investors that Mining Race is not authorized to provide investment services in Estonia.
The regulator identified the websites miningrace.com and the now-defunct miningrid.com as domains connected to the operation. Both were reportedly managed from Dubai.
Offering investment products without regulatory approval is considered a violation of Estonia’s securities laws. Authorities have advised investors to avoid dealing with the company.
Mining Race Linked to the IconX Ponzi Scheme
Mining Race has also been linked to IconX, a Dubai-based investment network widely described as a Ponzi scheme. The project has been associated with Danyal Islam, Rado Mulej, and Hind el Hadaj, who are identified as key figures behind the operation.
Earlier promotional campaigns for IconX also featured members of Dubai’s ruling Al Maktoum family, presenting them as the public faces of the project. The market listed Saeed bin Hasher Al-Maktoum as Chairman, alongside Solaiman Al-Rifai, Rami Alsridi, and Ali Abuzinjal in senior leadership positions.
Austria Previously Issued a Similar Warning
Estonia is not the first country to take action against the Mining Race. In March 2026, financial regulators in Austria also issued a securities fraud warning against the company.
These repeated regulatory actions raise further concerns about Mining Race’s investment activities and compliance with international financial laws.
Website Traffic Shows Strong European Audience
Despite regulatory warnings, Mining Race continued to attract online visitors. According to SimilarWeb data from May 2026, the company’s website received approximately 12,600 monthly visits.
Most of the traffic originated from Germany (76%), followed by Slovenia (10%), Switzerland (5%), and the United States (4%).
No Securities Registration in Any Jurisdiction
Mining Race and its parent network, IconX, are not registered to offer securities or investment products in any recognized jurisdiction. Investors should verify a company’s regulatory status before committing funds to any investment platform.
The latest warning from Estonia adds to the growing list of international concerns surrounding Mining Race and its operations.
