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Japanese regulator MoF issues warning on suspicious ICO firm
13/02/2018
Japanese regulator MoF issues warning on suspicious ICO firm

Japanese regulator MoF issues warning on suspicious ICO firm, as the allegation from MoF states that the entity does not currently hold any proper license to operate within the industry.

13 February, AtoZForex The Japanese Ministry of Finance (MoF) has issued two warning on its official website. The regulator has urged the public to refrain from conducting business with either of the mentioned entities.

MoF Aberdeen Investment Management Advisory Clone Warning

The Japanese regulator has issued two separate warnings. In the first warning notice, the MoF refers to the entity named Aberdeen Investment Management Advisory. The watchdog highlights its violations for impersonating the fully licensed financial firm, which operates under the name Aberdeen Standard Investments Co. Ltd. The latter is a registered financial instruments business dealer.

The regulator further stresses that the fraudulent entity has used a very similar name to that of the genuine company. Moreover, it has dishonestly used its address and phone number in a bid to mislead investors.

The statement from MoF further notes that the business of Aberdeen Investment Management Advisory was aimed at falsely attracting clients that might be misled by the similarity of the names. The fraudsters also did not have the registration with the appropriate authorities. They have been acting in the violation of the laws of the jurisdiction by offering their financial services without any authorization to do so.

Japanese regulator MoF issues warning on suspicious ICO firm

The second warning from the Japanese regulator names a company Blockchain Laboratory Limited. The firm is claiming to have the office in Macau. The allegation from MoF states that the entity does not currently hold any proper license to operate within the industry. At the same time, the firm has “accepted an application for ICO called “CtC” on the website.”

The information on the official MoF website stresses that anyone can hint that the imposters are attempting to conduct a suspicious ICO, without permission from authorities. Due to the numerous scam ICOs that have appeared in the past, the Japanese regulator has inspected some illegitimate sources for selling suspicious tokens.

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