Today, the Securities Commission Malaysia (SC) directed CopyCash Foundation to immediately cease and desist all its proposed activities, including a purported plan to launch an ICO on January 10, 2018 in Malaysia. This directive covers all activities as described in or incidental to CopyCash Foundation’s white paper related to the ICO, including any roadshows, seminars or promotional events related to the scheme. The directive was issued because the SC “found that there is a reasonable likelihood that disclosures in CopyCash Foundation’s white paper and representations to potential investors will contravene relevant requirements under securities laws.” The SC also warned investors more generally “to be cautious of the risks of fraud and exercise due diligence before participating in ICO schemes.”
Last week we reported that Texas had entered a cease and desist order against BitConnect. Today, North Carolina did likewise, because it was offering investments but was not registered as a dealer or salesman of securities in North Carolina and because BitConnect had omitted to disclose material facts when offering the investments in North Carolina.
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David Zaslowsky
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technology-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.