SC puts a halt to LavidaCoin promotional activities

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KUALA LUMPUR (Sept 5): The Securities Commission Malaysia (SC) has issued a notice directing the promoter of LavidaCoin to cease all promotional activities effective immediately, pending further review by the regulator into the matter.

In a statement today, the SC said DSV Crypto Club, LUX Galaxies and VI Profit Galaxy, which were found to be promoting LavidaCoin, have been added to the SC’s investor alert list at www.sc.com.my.

"Investors are reminded to be cautious and exercise due diligence before participating in any investment schemes, in particular those involving cryptocurrencies and digital tokens," it added.

On Aug 27, the SC announced that it was in the midst of reviewing all available information in relation to LavidaCoin to determine whether there has been any breach of securities laws.

Two days later, Bank Negara Malaysia reported that it had listed VI Profit Galaxy (DSV Cryptoclub and LUX Galaxies), the operator behind LavidaCoin, in its financial consumer alert list.

This followed a Utusan Malaysia report that cosmetics millionaire Datuk Seri Dr Hasmida Othman – better known as Datuk Seri Vida – was introducing her very own cryptocurrency called LavidaCoin.