Malaysian Central Bank Slams ICO for Misleading Logo

A Malaysian initial coin offering (ICO) issuer has been flagged by the country’s central bank for stepping outside the rules to promote its token sale.

In a cautionary note released on Sunday by Bank Negara Malaysia (BNM), the central bank took aim at a cryptocurrency project named Coinzer, which it says used the BNM logo and the Jata Negara, Malaysia’s coat of arms, in its proposed token design, white paper and website.

A picture posted by the central bank further shows that, in addition of the logo and coat of arms, the design also incorporated the 14-pointed Star of Malaysia symbol and Malaysia’s country code.

“BNM would like to state that it does not authorize or endorse the cryptocurrency platform called Coinzer. … Members of the public are advised to exercise caution and carefully evaluate the risks associated with investment in digital currencies,” the central bank said in the statement…

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