Binance CEO Advices Wesley Snipes to Beware Of Possible Cryptocurrency Scammer
On September 11 th 2019, Binance CEO Changpeng Zhao and Cofounder of TechCrunch Michael Arrington, raised suspicions on Twitter that Wesley Snipes may be collaborating with dubious Cryptocurrency exchange firm.
It is suspected that they are referring to the newly established tokenized movie fund that famed actor Wesley Snipes recently got involved in. The tokenized fund, now dubbed as Daywalker Movie Fund (DMF) is worth $25 million.
<h2>BInance CEO and Michael Arrington’s concerns over LCX</h2>
LCX announced that they would work with Wesley Snipes to unveil a compliant <a href="https://www.cryptoknowmics.com/crypto/seychelles-securities-exchange-merj-plots-first-ever-tokenized-ipo/">Security Token Offering</a> (STO) in this collaboration. DMV will be based on LCX’s developed blockchain network. 

According to a <a href="https://twitter.com/montymetzger/status/1171054254255009792?s=19">tweet</a> by Monty Metzer, CEO of LCX, DMV will be used to invest in all upcoming movies and TV shows produced by Maandi House Production Studio, which is owned by Snipes. 

Apparently, the first glance at DMF will tell you that it is a legit project with a good business model. Zhen and Arrington, however, seem to think otherwise. As soon as LCX tweeted on September 9, Michael Arrington <a href="https://twitter.com/arrington/status/1171276251002105856">posted</a> on Twitter a day later tagging Wesley Snipes handle:
<blockquote>“Someone needs to tell @wesleysnipes to check references before doing crypto stuff with randos.” </blockquote>
Zhao responded almost immediately with his <a href="https://twitter.com/cz_binance/status/1171276762107396096">tweet</a>:
<blockquote>“Yes, I believe he (Wesley Snipes) is working with a scammer now. Someone should let him know.”</blockquote>
<h2>Financial Market Authority Liechtenstein (FMA) Stand on LCX’s Legitimacy</h2>
FMA Liechtenstein questioned the legitimacy status of Liechtenstein Cryptoassets exchange parent company, LCX AG. The company is alleged to be pitching itself as a Blockchain bank for the new financial world, a claim that FMA has nullified since the company does not have the approval to offer any financial services.

In a notification published on September 5, 2019, FMA Liechtenstein <a href="https://www.fma-li.li/en/news/20190905-notice-regarding-lcx-ag.html">stated</a>:
<blockquote>“The Financial Market Authority Liechtenstein (FMA)) points out that LCX AG, Vaduz registration number FL-0002.580.678-2, has not submitted an authorization request to the FMA and therefore the operator of the website www.Icx.com is not allowed to provide any financial services that are subject to authorization under Liechtenstein law.”</blockquote>
The FMA further stated that it only issues an approval after a company follows a formal licensing procedure.
<h2>LCX AG Response to Allegations</h2>
 In a prompt response to offer their traders and investors a clarification, LCX <a href="https://www.lcx.com/lcx-regulatory-strategy-and-process/">said</a>:
<blockquote>“LCX is constantly engaging with regulators on our mission to establish a compliant and regulated blockchain ecosystem. On this path, LCX has received a Business License for Crypto Trading in November 2018 and increased the share capital from 100’000 CHF to 1’000’000 CHF. The information published in September 2019 summarizes our status quo correctly.”</blockquote>
FMA maintains that LCX AG is yet to gain approval as it is still in the process of applying for an OTF/MTF license under MiFID II and a Banking License under the Liechtenstein Banking Act. 

LCX AG further confirmed on their website through <a href="https://www.lcx.com/documents/">LCX Vision Paper</a> that they are applying for a Full-Banking License by FMA Liechtenstein.

Binance CEO Advices Wesley Snipes to Beware Of Possible Cryptocurrency Scammer

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Binance CEO Advices Wesley Snipes to Beware Of Possible Cryptocurrency Scammer

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