Malaysian ICO project uses the logo of a financial regulator in the country. Problems are inevitable

Malaysian ICO project uses the logo of a financial regulator in the country. Problems are inevitable

The Central Bank of Malaysia has put forward charges against one of ICO projects in the country. Cryptocurrency platform Coinzer charged with violation of local laws during tocancel.

According to the financial regulator on the website of the project, in its whitepaper and symbolic image of the token CZC uses elements of the logo of the Bank.

In the pictures provided by the Central Bank, shows that except for the logo of the financial regulator and the state emblem, design Coinzer includes a country code and a symbol of Malaysia —a 14-pointed star.

In its statement, the Central Bank of Malaysia, Bank Negara Malaysia focuses on the fact that Coinzer is a risky project, and BNM does not support it at the official level:

“BNM would like to say that he doesn’t approve of the cryptocurrency platform called Coinzer… Citizens are advised to exercise caution and carefully assess the risks associated with investment in digital currency”

Warning Cervenka proves once again that the regulators of the country to intensively monitor local ICO projects through unauthorized methods of promotion can mislead investors.

The seriousness of the regulators proved that the securities Commission Malaysia (SC), 9 when Jan closed the project before the start of the ICO.

The trend of the prohibition of the ICO before its official launching can be traced in the actions of financial regulators around the world. The SC representatives said that noticed a spike in the ICO promotion in Malaysia, including among the elderly. SC added that will work on the issue of the ICO and other agencies, including the Central Bank of Malaysia.

The fate of the project Coinzer is still unknown. But it’s worth noting that there is always another way to attract attention. For example, you could hire as a designer Ryan Gosling or select the face of the campaign of Steven Seagal. Such ideas are also not left without attention of regulators, but memorable.

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