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NetCents and its CEO Clayton Leigh Moore refute the allegations brought by the B.C. Securities Commission that their cryptocurrency exchange was illegal and insider trading regulations were violated.

A former Vancouver resident is facing a hearing before the B.C. Securities Commission for allegedly creating an illegal cryptocurrency exchange administered by a non-existent Swiss-based foundation and promoted with a slew of misrepresentations.

Clayton Leigh Moore and NetCents Technology Inc. face various allegations of breaking the B.C. Securities Act, according to a hearing notice issued Monday.

Moore is the founder of NetCents, a Vancouver-headquartered cryptocurrency payment processing company that traded on the Canadian Securities Exchange from 2016 until May 2021, when the commission halted trading when it says Moore made changes to the beneficial ownership or control of company shares without filing insider trading reports.

On Nov. 27, 2018, the commission froze $3.3 million of company assets derived from the sale of a cryptocurrency Moore created and sold, in 2017, dubbed the NetCents Coin.

The commission alleges that the coin was an investment contract, and thus a security;however, Moore sold it without registering it with the commission (with a prospectus document, or approved exemption).

Moore and the company then created an exchange for investors to buy and sell the coin;however, this was also done without approval from the commission, according to the notice.

Through it all the commission says Moore and the company made misrepresentations to the public via its social media accounts and news releases.

NetCents, said the commission, purported to create a foundation called the NetCents Coin Foundation, to promote and administer the coin. Managing the coin network would be the NetCents Coin Organization, a non-profit the company advertised.

In fact, neither the NCC Organization nor the NCC Foundation, nor any similar independent entity existed during the distribution period and therefore could not have done any of the things NetCents claimed they didand all of the proceed from sales of the Coin went to NetCents.

The company also issued news releases in November 2017 to claim the coin had sold out, but the commission alleges this was not the case.

And in a YouTube video, the company claimed monthly revenue of $100,000 when in fact, NetCents own financial disclosure indicated that its revenue for the entire fiscal year 2017 was less than $100,000, the notice states.

NetCents and Moore knew or ought reasonably have known that the statements on its websites, and in the new releases and YouTube video were misrepresentations, the commission alleges.

NetCents also established an online exchange named the NC Exchange where customers opened accounts and submitted orders to buy and sell the coin. This was done without registering with the commission, the notice states.

Moore issued a statement on Nov. 21, stating the company holds on record a written acknowledgment from the BCSC confirming that its operations were not deemed an illegal exchange prior to the implementation of new registration requirements, announced by the BCSC on Aug.15, 2022, for all cryptocurrency exchanges.

Moore has also taken issue with the protracted nature of the commissions investigation, spanning almost five years. The company, stated Moore, is prepared to defend against the allegations.

The Company anticipates that the outcome will reflect its dedication to compliance and the innovative spirit that drives the company, stated Moore, who added that the company is registered as a Money Services Business (MSB) with Fintrac.

The notice stated Moore resided in Vancouver at the time of the alleged infractions. Moores LinkedInprofile places him in Dubai, where on July 5, 2022 Moore and NetCents announced a partnership with His Highness Sheikh Mohammed Bin Maktoum Bin Juma Al Maktoum.

Moores yet to file annual financial statements for 2021 and 2022.

In the year ending Oct.31, 2020, the company, after raising millions of dollars from investors, reported revenue of $271,492 and expenses of $21.7 million, including $5.1 million on consultants, $1 million on professional fees and $3.2 million in employee salaries; this also includes $9.8 million of share-based payments.

Moore reported a salary of $269,000 and $414,029 of shares in 2020.

In 2018, when the company cleared $120,578 in revenue, Moore reported remuneration of $311,000 cash and $997,503 worth of shares.

The companys CFO Christopher Cherry resigned in July 2021.

Its frozen stock sits at 69 cents per share.

gwood@glaciermedia.ca

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B.C. crypto exchange built on misrepresentations, says BCSC - Vancouver Is Awesome

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), taking notice of the increasing trend of surrogate advertisements on certain internet-based cryptocurrency exchanges and betting platforms, has directed all companies, including limited liability partnerships (LLPs), not to enter into any type of advertisement or sponsorship agreements with entities involved in surrogate advertising.

Surrogate advertising is a loophole. For example in India there has long been a law in some states that bans the advertising of alcohol. So what alcohol companies do to get around this is launch a product with very similar brand recognition to their alcohol.

Similarly, one of the main sponsors of Pakistan Cricket Board used to be Dafa News. Now, a website called Dafa News definitely existed and was a news website. But it was owned and operated by DafaBet, which is a well known betting company. While the law does not allow DafaBet to sponsor in Pakistan, there is nothing stopping a news website like Dafa News from sponsoring. Hence, a loophole.

The SECP expanded on this by saying that the surrogate advertising is the promotion of banned products, digital coins, and betting platforms as substitute goods, often through indirect means like sponsorship of sports events, aiming to implant the brand in consumers minds. It has also been observed that various online platforms, disguised as sports blogs and news websites, are promoting illegal digital coins, online betting, and cryptocurrency investments.

The Notification issued under Section 40B of the SECP Act advised all companies and LLPs to immediately terminate all existing agreements with such surrogate entities/companies and ensure compliance in true letter and spirit.

As per the regulations by the government of Pakistan, any kind of betting is illegal under the Prevention of Gambling Act 1977, whereas cryptocurrency through online platforms was recently suspended in May 2023.

According to the SECP, the public is strongly advised to exercise extreme caution while making investments in such internet platforms and mobile apps. None of the individuals, companies, or entities advertising cryptocurrencies in Pakistan have been recognized or authorized by the SECP or other regulatory bodies. Thus, the investments promoted by these entities carry risks and may be part of fraudulent schemes.

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SECP takes notice of surrogate ads by cryptocurrency exchanges ... - Profit by Pakistan Today

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Title: Unveiling the Future of Cryptocurrency Investments with Crypto ... - Medium

Since the emergence of Bitcoin in 2008, the world of cryptocurrencies has been constantly evolving. Latin America has begun to experience its own digital gold rush, reflected in a 40% increase in cryptocurrency investments between July 2021 and June 2022, reaching an amount of USD $562 billion, according to the Latin American and Caribbean Economic System (SELA), as stated here.

Countries like El Salvador have adopted Bitcoin as legal tender, while Mexico is exploring ways to do the same. But to better understand this phenomenon, its essential to analyze the context in which these digital currencies emerge. For example, Dogecoin, created in 2013 by Billy Markus and Jackson Palmer as a parody, has gained ground and media attention, opening a window to the universe of cryptocurrencies in the region.

The situation in Latin America is unique because the adoption of cryptocurrencies is driven by a combination of factors: the search for alternative savings options, the need for more efficient remittance sending, and, in some cases, speculative investment. According to data from Minsait Payments, nearly half of the banked Latin Americans are willing to buy Bitcoin and make payments with cryptocurrencies.

Within this [emerging scenario](https://www.criptonoticias.com/comunidad/adopcion/estos-son-10-paises-latinoamerica-mayor-adopcion-criptomonedas/), countries like Brazil and Argentina are taking the lead. Brazil has received investments of more than USD $150 billion in cryptocurrencies, while Argentina has accumulated more than USD $100 billion. Other countries like Colombia, Venezuela, Chile, and Peru are also recording a significant increase in cryptocurrency adoption.

But there are significant contrasts in the way each country approaches this phenomenon. El Salvador, for example, has taken a bold approach by adopting Bitcoin as legal tender. This decision has been controversial and has generated mixed reactions in terms of adoption and financial stability. Meanwhile, in Mexico, Senator Indira Kempis has proposed a similar initiative but has not made significant progress in the Senate.

Bitcoins dominance is notable throughout the region. According to data from Statista and Finder, in countries like Mexico, Bitcoin accounts for 22.8% of use. This suggests that, while there is growing interest and knowledge about cryptocurrencies, a more sophisticated financial culture is still needed for safer and more widespread adoption. Additionally, the lack of regulation and the need for robust security infrastructures are barriers to mass adoption.

The future of cryptocurrencies in Latin America is promising but uncertain. While companies like Bitso in Mexico, Mercado Bitcoin in Brazil, and Ripio in Argentina are advancing rapidly in the digital currency exchange sector, there are still significant obstacles.

The first and most obvious challenge is the need for a regulatory framework. Currently, the use of cryptocurrencies in the region is largely unregulated territory, which generates distrust among investors and jeopardizes widespread adoption. Companies and regulators will need to work together to develop policies that foster a secure and reliable ecosystem for cryptocurrency transactions.

The second challenge is educational. Many Latin Americans still lack basic knowledge about what cryptocurrencies are, how they work, and how they can be used safely. Training and financial education will play a crucial role in helping the general public understand and adopt this emerging form of digital economy.

In terms of opportunities, cryptocurrency adoption offers several tangible benefits. In countries with high inflation, such as Venezuela and Argentina, cryptocurrencies can function as a safe haven to preserve the value of money. They also offer a more efficient and less expensive alternative for remittance sending, a crucial aspect for many Latin Americans who depend on these financial flows.

The cryptocurrency market in Latin America is in a stage of rapid growth and evolution. The opportunities are vast, but the challenges are equally significant. The development of regulatory frameworks and financial education will be key factors in determining how cryptocurrencies are adopted and used in the region in the coming years.

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Game of Coins: Who is who in the Cryptocurrency Market in LatAm? - Contxto