Malaysia Issues Cease and Desist Order to Copycash ICO

The Malaysian financial regulator has issued an order to the team behind an Initial Coin Offering (ICO) to halt any operations in the country. This is just another example of how authorities in different regions are trying to limit access to ICOs from the investing public under their jurisdictions.

Malaysia Says No to ICO

The Securities Commission Malaysia (SC) has announced on Tuesday that it directed the Copycash Foundation to immediately cease and desist of all its proposed activities, including a purported plan to launch an ICO on 10 January 2018.

This SC directive covers all activities as described in Copycash Foundation’s white paper for the ICO, including any roadshows, seminars or promotional events related to the scheme in Malaysia. The commission says that the order was issued following an 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.”

Judging by its website, the forex and cryptocurrency social trading platform Copycash seems to be geared toward Chinese investors more than anything else. Considering this, the Malaysian directive might not affect it at all. News.bitcoin.com has reached out for comment and will update when it arrives…

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