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A Macau regulator warns the public against a gangster-backed ICO linked to Cambridge Analytica

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The former Cambridge Analytica employee, Brittany Kaiser, revealed that the firm's analysis of British data also worked with the data mining company Macau. Dragon Group. The latter is also known as the Dragon Corporation and is backed by gangster Wan Kuok-koi "broken tooth"; he was previously the gang leader of the former 14K triad. The news of their involvement came last week, and in turn, Macao's financial executives issued cryptocurrency warnings.

The Cambridge Analytica Alert Launcher detailed the company's activities to gain information about Facebook users for the 2016 election campaign of US President Donald Trump. After the presence of Kuok-koi was noted in the crypto community, people became worried and many claimed that the regulations would help prevent such acts in the future. Cambridge Analytica helped Dragon Corporation advertise its $ 500 million ICO planned for next month. Both companies also planned to work on a system that would allow users to sell their personal data to advertisers.

After the news sites reported the story, the Macao Monetary Authority issued a statement that covered the latest events with a warning.

The media reported that a Macau company was recently involved in an ICO [initial coin offering]. The Macau Monetary Authority reminds all residents of Macao that crypto-currencies are virtual products, but not legal currencies or financial tools. Residents should be aware of fraud and criminal activities associated with cryptocurrencies.

The authority also reminded residents that virtual currencies did not fall under the Financial System Act, 1993 (FSA).

The Monetary Authority of Macao reiterates that any institution providing regulated financial services such as foreign exchange services, cross-border transfers of funds and unauthorized financial exchange platforms violates the relevant provisions of the Financial System Act.

Thus, cryptographic enterprises in Macau will no longer receive any help from financial institutions in the future. However, some people have reported that no rule has been adopted against the ICO developing casinos.

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