The Tribune

By NEIL HARTNELL 

Tribune Business Editor 

nhartnell@tribunemedia.net

A co-defendant in the much-publicised “magic mushrooms” case has also been operating an unlicensed crypto currency business from The Bahamas, Tribune Business can reveal.

Jan Biere, a Dutch national, who did not appear alongside his wife when she pled not guilty to dangerous drugs charges last week, appears to be behind a crypto currency called Aethercoin according to research conducted by this newspaper.

However, Christina Rolle, the Securities Commission’s executive director, confirmed that neither Aethercoin nor Mr Biere are licensed or registered with the regulator to conduct crypto and digital assets business from this jurisdiction as required by law under the Digital Assets and Registered Exchanges (DARE) Act.

“It’s not a licensee, that’s all I can say about it. It’s not licensed by us,” Ms Rolle told Tribune Busi- ness, declining to comment further. But well-placed sources, speaking on condition of anonymity, confirmed that Mr Biere and Aethercoin are “on the radar” of the Securities Commission, which has been given strengthened enforcement powers via the recent passage into law of an enhanced DARE Act.

“The Securities Commission is investigating and looking into it,” they said. “They’re also looking into connections to other matters of concern. The police are not involved at this point but a complaint will likely be filed with them shortly.”

Tribune Business research uncovered strong connections and links between Aethercoin and the so-called ‘magic mushrooms’ venture, named Psilocybin Therapy Bahamas, which was at the root of the charges brought last week against Mr Biere and Elike Hollink, both of whom are understood to have permanent resident status in The Bahamas.

In particular, the same Bahamian cell phone number was listed on both ventures’ websites as their primary contact. Tribune Business subsequently confirmed that the number is Mr Biere’s with his former Bahamian attorney, Philip Lundy, with the duo featuring together in a late 2022 video posted to Aethercoin’s website discussing the FTX implosion and its potential fall-out.

Mr Lundy, who heads Pride Rock Law Chambers, confirmed to Tribune Business that his firm had incorporated a company for Mr Biere bearing the same name as his crypto currency but said he had left regulatory compliance with the Securities Commission and DARE Act to the Dutch national.

“We did incorporate a company called Aethercoin,” Mr Lundy said. “He did his homework and determined he did not need to do this registration with the Securities Com- mission. He spoke to them and determined he was not really in The Bahamas. He does his own research and comes to his own decisions.”

Mr Lundy, though, said he has now severed ties with Mr Biere and his wife, Ms Hollink, having “backed out” of representing the former in a case that arose prior to the drug-related allegations. “I told his wife what I needed, my retainer to do that stuff, and I have not heard from him since. They thought I could do it for free. I don’t need that,” he added.

The attorney clarified that the cell phone number listed on both website’s was Mr Biere’s. Telephone calls to, and messages left with, the number were not responded to before press time last night. Reports from last week’s court hear- ing said Mr Biere was not present because he had been remanded to Sandi- lands Rehabilitation Centre for a psychiatric evaluation in relation to another charge.

The revelations concerning Aethercoin and Mr Biere are likely to renew concerns over whether The Bahamas’ digital assets regulatory regime is still sufficiently robust especially given that memories of FTX’s collapse are so fresh, even though this nation was the first to react by placing the crypto exchange’s local subsidiary under Supreme Court-supervised provisional liquidation.

Tribune Business has obtained a Reddit message, seemingly posted by Aethercoin some six years ago, in which it pushes back against the need for Know Your Customer (KYC) regulation of crypto currencies and digital assets businesses.

“We believe KYC does not belong in the crypto world,” the posting read. “That’s why we choose not to use a KYC for our ICO (initial coin offering) for example. In our opinion it is ridiculous to think that KYC would stop terrorists or any criminal for that matter. All it does is limit the freedom of many for the transgressions of a few.”

Aethercoin’s website, which states that “this project is for the good of the future of mankind so our children can enjoy a censorship free world”, also contains other direct links to the ‘magic mushrooms’ venture besides sharing a common phone number and having Mr Biere’s picture on both sites.

It contains a direct link to what is called ‘Aether Psilocybin Therapy’, adding: “We have one of the best Psilocybin treatment centres in The Bahamas.” Another link is to Aether real estate, stating that this rents out “Airbnb properties all over the world” - another industry that Mr Biere and his wife are involved in. All the businesses seem to operate from the same location, Ranfurly Drive, 41 Coral Harbour.

Ms Hollink was last week charged with cultivation of dangerous drugs, possession of dangerous drugs with intent to supply, possession of dangerous drugs and soliciting persons for the sale of dangerous drugs. Mr Biere’s name was on the docket as a co-defendant but he was not present at the arraignment.

His wife pleaded not guilty before Senior Magistrate Shaka Serville. Police allegedly found the psilocybin mushrooms, known as ‘magic mushrooms’, when they raided the Coral Harbour home that Mrs Hollink and Mr Biere operate as an Airbnb.