AMF shuts down crypto charity scheme

Regulators in Quebec issued asset freeze and cease trade orders against promoters of a cryptocurrency scheme that pitched itself as helping to fund non-profits.

At the request of the Autorité des marchés financiers (AMF), the Financial Markets Administrative Tribunal issued orders against six respondents involved with the creation and promotion of the crypto project, Hope Token.

According to the AMF, the tribunal prohibited the promoters from dealing in securities or acting as investment advisers, and it ordered a freeze on the crypto tokens themselves and the promoters’ other assets.

Additionally, the tribunal ordered the website hope-token.com be shut down, and any social media or other internet posts touting the project be removed.

The AMF said that the respondents were publicly promoting Hope Token through various sites, including LinkedIn, Twitter, Facebook, YouTube and TikTok.

“The orders issued in this decision took effect on August 4, 2021 and, subject to contestation, will remain in effect for a period of 12 months ending on August 4, 2022,” the regulator said.

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