Central Bank of Singapore has closed a dubious ICO

[RBICoin]

Monetary Authority of Singapore (English abbreviation MAS) began to actively regulate the activities of ICO-campaigns, and, according to some reports, has already closed one ICO, demanding a full refund to investors. This is reported by The Merkle.


It is assumed that an unnamed ICO violated the law on securities and futures contracts.


It remains unknown how many funds managed to attract through this ICO and how many of these funds are returned to investors. In addition, it remains unknown whether foreign investors took part in the ICO.


In addition, it seems that the Central Bank of Singapore is also exerting direct pressure on crypto-exchange exchanges in connection with the listing of ICO crypto assets. It is reported that at least eight trading areas received an official warning from the Central Bank, and it seems that these sites will have to remove many ICO-tokens.

"The number of digital tokens and ICO is actively growing. We do not see the need to limit their turnover, if the enterprises did not violate the law. However, if any currency exchange, issuer or intermediary violates our securities laws, MAS will take decisive action. The public should be aware that there is no normative protection in the case of trade in unregulated digital assets or investing in illegal crowedging campaigns, "said the Deputy Managing Director of the Singapore Monetary Authority."

[joebrook]

Good work there by the Central Bank of Singapore, they should close any suspicious ICO that seeks to defraud the the people.Because that’s the latest scam these days.

[RBICoin]

And I'm wondering, by what criteria did they understand that this is a fraudulent ICO?
After all, until the launch of the project, you can not say unequivocally the scum or not, of course, if the description is full of nonsense, but no normal investor will invest his money in such a project.