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Malaysian regulator orders Fintech Company to abandon ICO

Author: 
Editorial Staff

IN an order issued today, the Securities Commission of Malaysia has ordered CopyCash Foundation to cease and desist from all commercial activities, including an ICO planned for tomorrow (10th January 2018)

SC statement:

Kuala Lumpur, 9 January 2018
SC Issues Cease and Desist Order to CopyCash Foundation

The Securities Commission Malaysia (SC) has directed CopyCash Foundation to immediately cease and desist all its proposed activities including a purported plan to launch an Initial Coin Offering (ICO) on 10 January 2018 in Malaysia.

This directive covers all activities as described in or incidental to CopyCash Foundation’s white paper pursuant to the ICO, including any roadshows, seminars or promotional events related to the scheme.

The directive was issued by the SC following its inquiry after it found that there is a reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws.

The SC advises investors to be cautious of the risks of fraud and exercise due diligence before participating in ICO schemes. While the SC continues to facilitate use cases of digital assets in the capital market, it remains vigilant in monitoring ICO schemes given the heightened risks, and will not hesitate to take action where necessary.

SECURITIES COMMISSION MALAYSIA

 


 

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