Malaysia’s Security Commission Orders Immediate Stop To Lavidacoin Promotion
The Securities Commission (SC) of Malaysia has ordered an immediate end to every single promo for the recently released Lavidacoin (LVC) pending further review, as indicated by a September 5 see on the SC’s site.
As indicated by local news outlet The Star, Lavidacoin was made by Malaysian cosmetics mogul and beauty guru Datuk Seri Hasmiza Othman, otherwise known as Dato’ Vida. The beauty guru purportedly would have liked to utilize an Initial Coin Offering (ICO) to raise as much as $1.5 billion to make an “entrepreneur-focused” online entertainment channel, an LVC payment gateway, and even a “non-profit” mosque, as illustrated in the project’s white paper.
The Lavidacoin first drew scrutiny from Malaysia’s SC in August over concerns the offers of the altcoin were in rupture of local securities laws. The watchdog’s public notice at the time gave a bland cautioning, posting composing that:
“The SC advises investors to exercise due diligence and to be cautious of the risks of participating in any investment schemes, in particular schemes involving cryptocurrencies and digital tokens.”
In a new explanation issued Wednesday, the SC distinguished DSV Crypto Club, LUX Galaxies, and VI Profit Galaxy as among the businesses that advance Lavidacoin, saying it was adding each of the three to its investor alert list, and additionally emphasizing its earlier alerts. As The Star takes note of, every one of the three elements was barred by Bank Negara Malaysia in August.
As a Cointelegraph analysis piece has laid out, famous people all inclusive have benefited from their popularity to reinforce crypto-related activities. While a few, like Snoop Dogg, have backed officially prominent cryptos, for example, Ripple (XRP) through promotional occasions, others — including the prestigious boxer Floyd Mayweather — have turned out to be buried in controversies encompassing their association in lesser known — and for Mayweather’s situation — eventually defamed crypto projects.
Among the individuals who have dove in and launched their own branded coins which are previous Liverpool soccer star Michael Owen, who this spring issued his own name backed crypto named OWN.
