Police to Bust Another Alleged Indian Crypto Scam

The police suspect the project of international fraud, as well as deceiving investors by promising high incomes, real estate and even foreign passports
06 June 2018   943

The police of the Indian city of Thana searched the offices of the multi-million-dollar fraudulent crypto project Money Trade Coin (MTC). According to his promoters, it "provides a safer, more secure and superior alternative of storing wealth in the form of digital currency, to investors as well as commoners." The police suspect the project of international fraud, as well as deceiving investors by promising high incomes, real estate and foreign passports. This is reported by Bitcoin.com.

On its website, MTC is described as intellectual property jointly developed by the Dubai-based Bitcoin Global FZE and the British firm Money Trade Coin Ltd. Director of Money Trade Coin Ltd is Amit M. Lahanpal (he is also one of the key employees of Bitcoin Global FZE and the managing director of the Indian company Flintstone Group). On Monday, two people were detained, but Lahanpal was reportedly still at large - police believe he could even leave India.

The Flintstone office in Thana has 20 employees, while the other office of the company, which is located in Vikrohli, a suburb of Mumbai, employs 50 people. An investigation into this case began when a local businessman complained that he and his colleagues could not get a response from the company about the funds invested in it.

He may have even invested in a Bollywood film featuring a major male star, but we are verifying this. Pal and his associates promised investors a 20-times return on investment in a mere six months. But once the deadline passed, the company made several excused to not release the money. A few days ago, some investors even went to Dubai to meet Lakhanpal, but they were allegedly threatened, and were told that they should not ask for their money. We also found that Lakhanpal had never constructed any building, even though he claimed to run a real estate company.

Senior police officer, City of Thana

Police say that the company of Lahanpal used his joint photos with "leading politicians" in order to impress their victims. 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   246

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.


Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.