British firm Financial.org, which has investors throughout Southeast Asia including Thailand, has closed the accounts of its investors.
A significant amount of money is believed to be involved, with media reports suggesting the figure could be as much as US$ 500,000.
In January we first reported about the unregulated British firm, and within a week of our news report Thailand’s Securities and Exchange Commission added Financial.org to its watch list, stating it was an unlicensed securities and derivatives business.
According to a post on the Financial.org Facebook page, its investors can only activate their new cryptocurrency accounts by investing another US$ 7,000 before the end of next month.
They cannot withdraw any of the cryptocurrency – called FOIN – until next year.
The company has been issued with alert lists in Singapore, Malaysia, the UK, Thailand, Indonesia, the Philippines, Laos and the UAE.“
These decisions made are final and non-reversible,” said Chief Executive Arnaud Georges.
“Just wait for one short year to realise your massive profits.”
He said that: “unhappy investors have been rumoured to be considering legal actions” and added: “Legal litigations will definitely take years with no assurance of success, and you may lose the opportunity to cash out/realise your profits during the whole litigation period”.