FSC Targets Crypto Investment Advisors! P1trader/TCDAO Claims to be the World’s Top Binance Futures Trader, Faces Accusations of Illegal Securities Advisory
1/29 Company Registration: Bimillion Capital Co., Ltd. and all its related communities have been listed as operating investment advisory and futures brokerage businesses without approval from the Financial Supervisory Commission (FSC).
YouTube Name, URL: Trader’s Club DAO, https://www.youtube.com/@tcdao/videos
IG Account, URL: p1trader, https://www.instagram.com/p1trader
Facebook Account, URL: TCDAO, https://www.facebook.com/TradersClubDAO
Discord Account, URL: Trader’s Club DAO, https://discord.com/invite/Ecpxs3SSxU
Twitter Account, URL: P1trader, https://twitter.com/p1tcdao
Line Group Name, Link: TCDAO Login, https://link.p1trader.com/Line
Service Website URL: https://p1trader.com/
Email: [email protected]
Table of Contents
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p1trader/TCDAO Claims High Multiple Investments and Offers Courses
Warning Issued to Domestic Cryptocurrency Operators in the “Investment Advisory” Field
Is Taiwan Regulating? Yes!
KOLs and Community Leaders Need to Be Cautious
p1trader/TCDAO and other community platforms promote high performance on their websites, boasting impressive trading records on the Binance exchange and offering paid trading courses. They also frequently share their high investment profits on social media platforms. Although the community content also includes traditional financial assets such as US stocks, the website mostly promotes Binance contract achievements. The founder of p1trader/TCDAO is also a co-founder and CIO of the payment service Tpay.
p1trader/TCDAO Claims Trading Profits Starting from a High Multiple
p1trader/TCDAO Promotion on Instagram Community
Introduction of p1trader/TCDAO Founder
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According to the announcement by the FSC, when there are financial consumer disputes related to Bimillion Capital Co., Ltd. and the aforementioned platforms, they will not be covered by Taiwan’s financial consumer protection mechanisms.
The FSC advises investors to reject the securities/futures/investment trust/investment advisory services provided by Bimillion Capital Co., Trader’s Club DAO, p1trader, TCDAO, and TCDAO Login within Taiwan, and to avoid remitting funds to accounts provided by these operators. As for the list of securities and futures firms approved by the FSC, investors can refer to the “Prevention of Illegal Securities and Futures Industry Promotion” section on the website of the FSC’s Securities and Futures Bureau.
This is also a rare warning from the FSC specifically targeting “investment advisory” in the cryptocurrency industry.
Have you heard of the “Guidelines for the Supervision of Virtual Asset Service Providers (VASPs)” by the FSC?
(The FSC officially announced the VASP guidelines, both for “individual virtual asset service providers” and “overseas virtual asset service providers”.)
The FSC has established regulatory boundaries (definition of business scope) for operators engaged in the virtual asset (cryptocurrency) industry and requires them to complete anti-money laundering declarations (current list).
It is considered an operator if engaged in the following activities for others:
Exchange between virtual currency and New Taiwan Dollar, foreign currency issued by mainland China, Hong Kong, or Macau.
Exchange between virtual currencies.
Transfer of virtual currencies.
Custody, management of virtual currencies, or provision of related management tools.
Participation in and provision of financial services related to the issuance or sale of virtual currencies.
Currently, the FSC mainly focuses on the management and enforcement of exchanges and over-the-counter (OTC) businesses. Recent examples include the penalties imposed by the FSC on exchanges such as Binance and ACE Exchange for involvement in money laundering activities.
(The pursuit of Taiwan’s money laundering godfather network “88 Club”: Exchange operator of Binance detained for providing anti-money laundering declaration.)
(ACE Exchange exposed again! Current responsible person Wang Chenhuan detained, accused of money laundering involvement right after clarification.)
Lately, the FSC has been enforcing laws against money laundering, fraud, gambling, election interference, political infiltration, and other activities related to virtual currencies (cryptocurrencies). This time, the FSC has issued a rare warning to virtual currency-related operators in the “investment advisory” field. It is possible that regulatory authorities have been closely monitoring the investment behavior within the circle, and KOLs and community leaders should be more vigilant to avoid disputes.
p1trader
TCDAO
investment advisory
FSC
Further Reading
Taiwan’s Virtual Currency Regulation Tense, FSC Chairperson Huang Tien-mu: Special Law Results in September
MAS Clearly Prohibits Bitcoin Spot ETF Listing Locally in Singapore
