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Thai’s SEC Issues Tough Warnings Against Unauthorised ICOs

Redwan Eid | Oct. 30, 2018
Thai’s SEC Issues Tough Warnings Against Unauthorised ICOs

October- 30, 2018 | AtoZ Markets

The Thai Securities and Exchange Commission has issued an investment warning against unregistered ICOs in the country, which operate without registration or supervision, as per the Bangkok Post.

The step comes after observing a number of unregistered ICOs were promoted in Thailand through social media platforms like Facebook and YouTube.

The Thai SEC mentioned in the document nine unauthorized companies, which are: Every Coin, Orientum Coin (ORT Coin), OneCoin and OFC Coin, Tripxchain Coin (TXC Coin), TUC Coin, G2S Expert ICO, Singhcom Enterprise ICO, Adventure hostel Bangkok ICO and Kidstocurrency.

No Evidence, Smart Contracts Not Assessed, And No Enough Liquidity

The financial regulator said the aforementioned companies have not gone through the necessary procedures for getting approved, which constitute in “showing evidence for meeting the requirements” and assessing their smart contracts for adequacy, in addition to not having enough liquidity to be listed for trading as for the coins being sold, which means they cannot be exchanged for fiat money or other cryptos.

In a similar news, the SEC noted that the Monetary Authority of Singapore (MAS) issued at an earlier time an investment warning against OneCoin and its affiliated businesses, for operating outside the regulator’s supervision.

OneCoin was said –according to the SEC- to depend on slightly more updated cryptocurrency investment schemes than classic pyramid schemes.

Financial analysts describe those schemes as requiring more investors to keep functioning, and the decline of the number of investors brings the scheme to fail, while promoters run away with massive profits, leaving crypto investors with nothing.

Tags ICO SEC
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.