In the wake of an investigation into potential regulatory breaches in marketing its coins in Dubai, Islamic Coin (ISLM) has continued with its listing plans, listing on two global exchanges.
ISLM on the 10th October listed on Seychelles-based KuCoin and on the 12th October, listed on Singapore-based BingX, according to separate official statements.
The launch of ISLM has long been anticipated since it announced its intention to go to market before the end of 2022. With US$400 million in funding, ISLM has been grabbing headlines with its many partnerships and initiatives.
Last week, however, the Virtual Assets Regulatory Authority (VARA) issued an alert against the unauthorized issuance, marketing and retail distribution of ISLM by Bored Gen DMCC, an entity based in the Dubai Commodities Centre.
VARA, which is investigating if any regulations have been breached, has called for BG to cease its marketing activity until it obtains necessary approvals.