Thailand’s SEC Warns Investors Against Unregistered ICO Investment Risk

[Wingleness]

Thailand’s Securities and Exchange Commission (SEC) has issued a warning to investors against putting their money into initial coin offerings (ICOs) that are not recognized and authorized by the SEC. On Oct. 25, the Bangkok Post reported that the Thai market regulator has warned against investing in ICOs promoted through a plethora of online media, which the SEC has neither accredited nor acknowledged.

Scam ICO Advertisements on Social Media

The Thai SEC recently conducted an investigation after discovering that a number of unrecognized sales offering digital assets and cryptocurrencies were being advertised across social media platforms like Facebook and YouTube to Thai investors. The results of the investigation revealed the existence of nine such unregistered and unrecognized ICOs namely,

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 ICO.

Source: https://cryptoslate.com/thailands-sec-warns-investors-against-unregistered-ico-investment-risk/

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[Highpitched10]

This issue is now an overflogged one, it's no news to anyone that 95% of ICO's are scam, no user should even wait for the government to issue any warning or disclaimer before you stay away from them

If you really wanna invest,with at least lower risks,simply invest with the bitcoin and be patient
Lack of patience and greed is costing a lot of enthusiast as they keep falling prey to scam ICO projects...
  Putting your money into a project thats not recognized,a project that's just seeking funds/crowd just shows desperation really and it's unhealthy

Nothing comes close to the bitcoin

[Herbert2020]

This issue is now an overflogged one, it's no news to anyone that 95% of ICO's are scam, no user should even wait for the government to issue any warning or disclaimer before you stay away from them

unfortunately some people do actually need this type of warnings before they make any decisions because they are dumb enough to fall for the pretty front that the ICOs create for them to take their money. sometimes warnings like this can make then think twice before jumping in.

[btc_angela]

This issue is now an overflogged one, it's no news to anyone that 95% of ICO's are scam, no user should even wait for the government to issue any warning or disclaimer before you stay away from them

unfortunately some people do actually need this type of warnings before they make any decisions because they are dumb enough to fall for the pretty front that the ICOs create for them to take their money. sometimes warnings like this can make then think twice before jumping in.

I agree. Sometimes government really needs to send out fair warnings to the public because there are a lot of gullible investors. Besides, government has the responsibility to there's nothing wrong with it. Crypto is growing and people need to be reminded not to fall for the trap.

[avikz]

It is not really a big news now that majority of the ICO programs are scams! People are aware of it already, especially those who are active in various crypto related forums. The ICO market has become a mirror copy of the HYIP market back in 2006-2010. Nowadays we are seeing more than one ICO for any given subject of the world. That is actually bringing down the credibility of the ICO market.

If we take an example of e-commerce solutions in ICO marker, at this point of time, we will see at least 8 active ICOs outbidding each other! That's not great for the crypto economy and lead to a greater scam!

The second scam that will surface is the KYC! The way ICOs are capturing the KYC data through airdrop, that will lead to a big scam! Even though nothing has been surfaced yet, but there's a huge chance of the same happening soon! It's good that Thailand is warning investors against it! Other countries should do that as well and provide a guideline to run an ICO properly!

[davlewis]

There is a warning issued by Thailand's Securities and Exchange Commission (SEC) regarding nine unauthorized tokens and initial coin offerings. It is to be noted that they have not been approved by the authorities nor met the necessary requirements. The nine consists of five tokens and four ICOs. The tokens are Every Coin, Orientum coin, Onecoin, OFC coin, Tripxchain coin and TUC coin. The four ICOs are those issued by G2S Expert, Singhcom enterprise, Adventure Hostel Bangkok and Kidstocurrency.

[coinwizard_]

There does need to be warnings against ico scams, there are too many that give crypto a bad name. It's as if crypto is all about fake data and scamming newbies of their bitcoins

[Juggy777]

Thailand’s Securities and Exchange Commission (SEC) has issued a warning to investors against putting their money into initial coin offerings (ICOs) that are not recognized and authorized by the SEC. On Oct. 25, the Bangkok Post reported that the Thai market regulator has warned against investing in ICOs promoted through a plethora of online media, which the SEC has neither accredited nor acknowledged.

Scam ICO Advertisements on Social Media

The Thai SEC recently conducted an investigation after discovering that a number of unrecognized sales offering digital assets and cryptocurrencies were being advertised across social media platforms like Facebook and YouTube to Thai investors. The results of the investigation revealed the existence of nine such unregistered and unrecognized ICOs namely,

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 ICO.

Source: https://cryptoslate.com/thailands-sec-warns-investors-against-unregistered-ico-investment-risk/

I would recommend all governments to do the same as it's proven over time that 95% of the Ico's are scam, and many people yet fall for them. While it's true thanks to crypto based forum many will avoid Ico's, but not all visit these forums hence I feel this warning is required, however I would suggest people to forget Ico's, and just invest in bitcoins for long term to get the best returns.

[Pursuer]

they should have banned ICOs if you ask me because they are all bad not just a great percentage of it. they are damaging the economy and also the cryptocurrency world and that is a big deal that we should be concerned about. but unfortunately people only care about their short term profit so they all want ICOs to stick around because they are a great "gambling game" which have given them good profit once or twice so now they are addicted to this gamble.
some governments have already banned ICOs and that is the correct way to go in my opinion. raising funds this way is silly while we have legitimate ways for real companies to do so without damaging anything.

[Wingleness]

Good to see OneCoin and OFC Coin on that list of scams. We been warning people about this for a while.

These two coins mentioned are very obvious that they are scam right from the very beginning but the human nature wouldn't permit some supporters of them to believe so.

Thus, such warning is needed consistently to inform newbies that are getting more knowledge about the cryptospace.

[NoeSanchez]

Though this is nothing new, this warning is indee necessary for some people who tends to ignore the fact that majority of the ICOs are scam. This kind of warning will make those stupid to stop and think about their action before they do something really stupid and regret it letter.

[Jim Neidhart]

Good initiative from the Thai Government. A huge number of ICOs are now scams and it will be good for the investors to get a green signal about them from the Government before investing. This may influence other governments to do so.

[Snake9999]

The ICO project is receiving more attention from many countries, but sadly, due to the decentralized mechanism of the market, no country can fully control the ICO market, which also creates opportunities for fraudsters!

[CuriousGeorge]

The ICO project is receiving more attention from many countries, but sadly, due to the decentralized mechanism of the market, no country can fully control the ICO market, which also creates opportunities for fraudsters!

It can be solved if these investors are not lazy and they wanna do a lot of research before try to participate in the any ico. I guess that will be very useful to the investors. This has become investor's responsibility to do a lot of research before try to invest in any ico dude.

[Albert Hays]

It's one of the highest risks of bitcoin. There are many hackers, scammers and fake accounts all over the bitcoin industry. So, though the warning isn't anything new, but as it's from a govt. it will bring a boost in the security system.

[Addisyn Sellers]

If you really want to invest,with at least lower risks,simply invest with the Bitcoin and be patient. Lack of patience and greed is costing a lot of enthusiast as they keep falling prey to scam ICO projects. Nothing comes close to the Bitcoin.

[sinkfish]

when people get expose to ICO at the first time, so call promotion team brainwash them and given promise that they will be making exponential profit, without doing any research. only they will know when finally their money gone forever.

Government doing their job at least warning their people about scam ICO.

[wuvdoll]

Do people really need a warning at that height in order to not invest into risky ICO scams ? I mean I understand when we write here and say that "be careful about investing into that ICO they look like a scam" we are just helping each other out but this is a government based SEC of a nation warning people not to invest into unregistered ICO investments.

What is next the ministry of health will tell you to wipe after toilet ? Will they warn you not to cut yourself while using a knife ? I mean if people are idiots enough to fall for coins that are obviously scam and not registered (I mean come on that is the bare minimum, even scam ICO's register nowadays) than let them lose their money, they deserve to. A fool and his money soon parted is a quote that has been around for years.

[Olatunjex]

Do people really need a warning at that height in order to not invest into risky ICO scams ? I mean I understand when we write here and say that "be careful about investing into that ICO they look like a scam" we are just helping each other out but this is a government based SEC of a nation warning people not to invest into unregistered ICO investments.

What is next the ministry of health will tell you to wipe after toilet ? Will they warn you not to cut yourself while using a knife ? I mean if people are idiots enough to fall for coins that are obviously scam and not registered (I mean come on that is the bare minimum, even scam ICO's register nowadays) than let them lose their money, they deserve to. A fool and his money soon parted is a quote that has been around for years.

I don't see anything bad for SEC of a county to protect it's citizens, fire of fake has burnt many noobs because they don't know what they want to enter, warnimg them ahead helps few of the noobs to be wary of bad icos.

[Tosin12]

That's a good thing from Thai government but I think it'll be more better if holistic approach is taken to curb this cankerworm devouring the crypto... There is a particular ico that just concluded named Bitdepositary fighting scam and I think it's taking it headlong, for example it got listed on Hotbit and discovered bot is dumping the price which makes the CEO to write coinmarketcap to delist hotbit because of it's fake volume