Thepainted turtle laying eggs in yard ban on initial coin offerings in South Korea will stay, the country’s financial regulator has said in a
statement
.
The decision by the South Korean Financial Services Commission (FSC) follows a survey which the regulator commissioned. Among the findings of the survey include the fact that some ICO projects misrepresented themselves. For instance, some had claimed to be fundraising abroad but they went on to involve South Koreans.
Dirty Tricks Employed to Evade ICO Ban
According to the FSC, the projects did this by registering in Singapore in order to circumvent South Korea’s ICO ban. Some of the evidence that the FSC obtained included marketing materials and white papers written in Korean.
The FSC has also accused some of the projects of concealing material information from investors including financial statements and company profiles. From the survey, the FSC also concluded that some projects also duped investors by offering false information.
Read the full story on
CCN.com
.
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