The cryptocurrency already in financial consumer alert list.
The Securities Commission Malaysia (SC) has issued a notice directing the promoter of LaVida Coin to cease all promotional activities in relation to LaVida Coin with immediate effect, pending further review by the regulator into the matter.
“Investors are reminded to be cautious and exercise due diligence before participating in any investment schemes, in particular those involving cryptocurrencies and digital tokens,” the SC said in a statement yesterday.
It added that DSV Crypto Club, LUX Galaxies and VI Profit Galaxy, who were found to be promoting LaVida Coin, were also added to the SC’s Investor Alert List posted on www.sc.com.my.
On August 29, Bank Negara Malaysia listed VI Profit Galaxy (DSV Cryptoclub & LUX Galaxies), the operator behind LaVida Coin, in its financial consumer alert list.
The cryptocurrency was launched by cosmetic queen Datuk Seri Hasmizah Othman or affectionately known as Datuk Seri Vida.