Malaysia orders Singapore-registered CopyCash to cease and desist all proposed activities, including ICO launch

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Malaysian authorities have directed Singapore-registered CopyCash Foundation to immediately cease and desist all its proposed activities including an Initial Coin Offering (ICO) originally planned for Jan 10.

The directive covers all activities as described in or incidental to CopyCash Foundation’s white paper pursuant to the ICO, including any roadshows, seminars or promotional events related to the scheme, Securities Commission (SC) Malaysia said in a statement on Jan 9.

On Jan 5, the SC had said it would be meeting with officials from the foundation to inquire into its activities, after the company said it would launching its CopyCashCoin in Malaysia.

The SC said in its latest statement on Jan 9 that there was “reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws”.