Malaysia Issues Cease and Desist Order to ICO

The Securities Commission Malaysia halts the launch of CopyCash Foundation ICO
10 January 2018   1102

The Securities Commission Malaysia published a statement on January 9 where the officials 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.

CopyCash Foundation is said to be a social travesting platform which is based on Ethereum’s blockchain. According to its website, the platform allows each transaction data to flow with no additional database or server required without any delay in payments and also payments will not be denied.

In the statement, the Securities Commission Malaysia stated that it found a reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws.

Recently, we have reported that Malaysia’s central bank asks the public to weigh in on measures aimed at solving problems related to cryptocurrencies.

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SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.
 

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."