UK authorities shut down a crypto advisory firm for promoting crypto Ponzi investments
The owner of Amey Finance Academy misled clients about the risks associated with recommended investment schemes
15.05.2024 - 12:05
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What’s new? UK authorities have shut down crypto firm Amey Finance Academy after the Supreme Court ordered its liquidation. Amey Finance Academy specialized in investment advice, and according to authorities persuaded clients to invest in loss-making schemes, including crypto Ponzi schemes.
What else is known? The firm’s sole director and shareholder was Desmond Amey. The authorities allege that he misled clients about the investment schemes offered and the risks involved.
One of the cryptocurrency schemes promoted by the firm was HyperFund, later renamed HyperVerse, which was an Australian Ponzi scheme that raised over $1,7 billion over two years.
SEC files a lawsuit against crypto Ponzi scheme HyperFund for a $1,7 billion fraud scheme
The company operated in 2020-2022 under the names HyperFund, HyperVerse, and HyperTech
Since Desmond Amey’s company failed to provide accounting statements, British authorities were unable to establish the true relationship between his firm and HyperVerse. Overall, the decision to close Amey Academy was made due to the lack of transparency in its records.
Between October 2019 and March 2022, about $6,3 million was deposited into Amey Finance Academy’s bank account, but the firm’s assets and liabilities could not be ascertained.
Amey was founded in December 2018 and positioned as “an established and successful independent consultancy providing a plethora of financial services.”
The UK government is currently actively developing its own regulatory framework to govern the digital asset industry, distinct from MiCA law in the EU. The bill is expected to be introduced by July and will address aspects such as crypto exchange management, custodial services, and staking.
UK regulator approved only 4 out of 28 crypto license applications in 2023
Earlier, several exchanges suspended their activities in the country due to stricter rules for the promotion of cryptocurrencies
Also in April, the Central Bank and UK financial regulator FCA launched the Digital Securities Sandbox to test trading in tokenized securities.
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