Malaysian Central Bank Criticizes ICO Project Using Misleading Logo

nOutburst assessment: The Malaysian Central Bank issued a statement stating that various documents of an ICO project in the country illegally used national emblems, central bank logos, country codes, and 14-point star signs. It is pointed out that such publicity may mislead consumers and remind the public to guard against investment risks. Both the country’s central bank and the securities commission have stated that they will closely monitor the ICO project.n
nTranslation: Annie_Xun
An ICO originator in Malaysia was marked by the country’s central bank as a token sales campaign that violated the regulations.n
A warning issued by the country’s Central Bank (BNM) said that the central bank had noticed Coinzer, a cryptocurrency project, noting that the project’s token design plan, white papers, and websites used the national emblem and the BNM logo.n
The picture released by the Central Bank further shows that in addition to the logo and national emblem, the design also uses the 14-point star logo and country code of Malaysia.n
n”BNM wants to declare that it does not authorize or support the cryptocurrency platform Coinzer. It is recommended that the public beware and carefully evaluate the risks of investing in digital currencies.”n
nBNM’s warning is a signal that the country’s regulatory authorities are further monitoring domestic ICO projects. Unauthorized promotion methods may mislead investors.n
On January 9, the Malaysian Securities Commission (SC) issued an injunction to a start-up company before it launched the ICO.n
At the end of last month, SC and BNM issued a joint statement and further committed to closely monitoring ICO projects.n
At the time, the two regulators stated that “both agencies will continue to monitor these projects and will not hesitate to take action on anyone who carries out illegal or unauthorized activities.”n

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