Investors frozen out of crypto exchange CMBDEX for almost 3 years
Exchange also not regulated by Payment Services Act which came into force in January 2020; tie-up with Kopitiam stopped in May 2020
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MORE THAN 2,000 investors have been left out in the cold after a local company, which launched an initial coin offering at the height of 2018's crypto boom, appeared to have evaded time and again requests to cash out.
For nearly three years, investors were told they could not sell their tokens because of "technical difficulties". But sources The Business Times spoke to alleged that this was a deliberate attempt by the digital token exchange to lock in their money.
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