The ICO was scheduled to go public on Monday morning, and owners of the company were planning to raise $11 million with the ICO. Hermes Brambat, board member and person at the helm of Nordcoin, told the newspaper that the coin offering will very likely be postponed indefinitely as the Financial Supervision Authority is saying neither "yes" nor "no" to them.

"We are in constant communication with the Financial Supervision Authority and expectant after submitting supplements of the first legal analysis," Brambat said late last week. "The Financial Supervision Authority is refusing to give concrete answers and only goes as far as giving very general explanations and guidelines regarding the organization of the offering. We are currently analysing our legal position and will make a final decision regarding the conducting of an ICO or alternatives in the next few days."

According to Brambat, currently on the table is the possibility that the company will continue activity with its original business model, i.e. with the support of personal investments from the founders of the company. "But it will be determined in more detail from the response that is supposed to come in the next few days," he said.

The Financial Supervision Authority told EPL that the institution cannot comment on affairs concerning specific enterprises. "But we can say that every potential ICO organizer must first assess whether their offer can be qualified as a public offering of securities or not," said Livia Vosman, head of public relations at the agency. "If this is a public offering of securities, a prospectus regarding that must be registered with the Financial Supervision Authority."

Altogether 50% of Nordcoin is owned by Brambat through HB Holdings OÜ; the other 50% is owned by Jur Keha OÜ, on the management board of which is Joel Mitt, the other person at the helm of Nordcoin. Owners of Jur Keha are Alice Mitt, Kristjan Novitski and Ove Musting.