France’s markets regulator has warned of the risk of fraud associated with a recently proposed initial coin offering (ICO).
The Autorité des Marchés Financiers (AMF) announced Thursday that it had been contacted by a company, Air Next, requesting a “visa” for a proposed ICO.
While issuers aren’t required to apply for an AMF visa, having one allows them to open bank accounts and solicit investments, according to law firm Baker McKenzie.
The AMF said it suspected that some of the documents submitted by Air Next were forgeries, and has not issued a visa for this ICO or any other token offering by the company.
Investors are advised to remain vigilant in the event of being approached by Air Next and to avoid referring such approaches to third parties, it said.
Air Next says it offers a blockchain-based service allowing users to buy plane or train tickets with an instant refund in the event of delay or cancellation.
The ICO has a hard cap of $700,000, of which $86,660 has been raised at the time of writing, with tokens costing $0.04 each.
Air Next had not replied to an email seeking comment by publication time.
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