Czech Crypto Investor Moves Debt-Ridden Fund to Montenegro

On July 31, 2026, Montenegro's Capital Market Commission registered its first crypto-related service provider, ArtenX doo, owned by Czech businessman Radek Fiala. Just days earlier, Czech media reported that Fiala's crypto fund Probinex, which operates in the Czech Republic, had stopped paying returns to investors in its Earnio program since the beginning of the year. By the end of June, Probinex announced that the Earnio program was being transferred to ArtenX, a Montenegrin company Fiala founded with just one euro in capital.

Fiala stated that ArtenX did not manage the Earnio platform or participate in creating its liabilities, and that new clients' assets would not be used to settle Earnio's historical debts. However, Czech media reported that Fiala had informed investors that Probinex lacked sufficient liquid USDC funds to immediately settle all claims. He promised that ArtenX would work to settle obligations in the future, but later clarified that ArtenX would not use its assets to pay off Earnio's debts.

The Capital Market Commission confirmed that ArtenX was registered based on the submitted documentation but noted that it did not mention connections to Probinex or Earnio. After reviewing Czech media reports, the Commission requested additional information from Czech institutions. Fiala emphasized that ArtenX and Probinex are separate legal entities and that ArtenX's business model does not include high-yield products like staking or lending.

Fiala also addressed criticisms for not responding to Czech journalists, stating that he prioritized direct communication with affected clients. The Commission clarified that ArtenX's registration does not permit collective investment activities or public fundraising with promised returns. Despite his involvement in the gambling platform Betfin, Fiala has no plans to connect crypto with gambling.