🐷🐷🐷 For the first time in Argentina🇦🇷: the courts blocked a crypto platform for refusing to provide information in a fraud case

🐷🐷🐷 For the first time in Argentina🇦🇷: the courts blocked a crypto platform for refusing to provide information in a fraud case

The case involves the Chinese platform HTX🇨🇳, and stems from a user complaint filed after losing 13 USD in 2022.

➡️ The user was the victim of a fraud scheme known as pig butchering, in which they were lured into participating in a supposed “bonus mining” operation.

➡️ One of the virtual wallets involved was linked to the financial pyramid scheme RainbowEx, which was dismantled by authorities at the end of last year.

➡️ Legal process: the prosecutor’s office submitted multiple official requests to HTX seeking KYC (Know Your Customer) information, but received no response. The company later replied that its official headquarters are located in the Seychelles🇸🇨, and that Argentine authorities should direct their inquiries through that jurisdiction.

➡️ Key fact: HTX has been operating in Argentina since July 2021 without being officially registered with the National Securities Commission (CNV). Until recently, users could open an account on HTX using Argentine ID and carry out transactions in local pesos — buying or selling cryptocurrencies through banks or digital wallets.

➡️ Regulatory update: In March 2024, Argentina passed Law 27,739, which amended the Penal Code and the Anti-Money Laundering and Counter-Terrorism Financing Law. Under this legislation, virtual asset service providers (VASPs) were added to the list of entities required to share information when requested by authorities.

➡️ As a consequence, HTX was blocked in Argentina, although regulators acknowledge that the block can be easily bypassed using VPNs or proxies.

#news #Argentina #crypto #fraud #China

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