October 19, 2021

Spain's financial regulator warned about fraudulent ICO AlyCoin

Spanish financial regulator Comisión Nacional del Mercado de Valores (CNMV) warned the public about fraudulent AlyCoin Initial Token Offering (ICO).

National Stock Market Commission of Spainreported that the ICO AlyCoin was not properly registered in either Spain or in any other country. It is emphasized separately that the company provides its customers with financial services in violation of paragraph 2 of Article 17 of the Law on Securities Markets.

AlyCoin describes its token as independentEthereum-based token. As part of the ICO, which runs from December 24, 2018 to December 24, 2019, the company plans to sell 35,000,000 tokens in lots of 5,000,000. The cost of the token in the first lot starts at $ 0.1. After the completion of the ICO, AlyCoin intends to issue more than 82 million tokens to the market.

At the same time, the company itself convinces investors thatthat works in full compliance with the laws and plans to get all the necessary permissions and licenses. However, according to AlyCoin representatives, "it is impossible to guarantee that a license or regulatory approval will be obtained within a specified time period."

Earlier this year, the US Federal Bureau of Investigation (FBI) published signs of fraudulent ICO schemes and encouraged investors to be more cautious.

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