CBSL requests criminal proceedings against crypto schemes

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The Central Bank of Sri Lanka has requested the attorney general “consider instituting criminal proceedings” against three crypto entities, designating them pyramid schemes and therefore in breach of Sri Lanka’s Banking Act. 

In a notice published last month, the central bank named Fast3Cycle, Sport Chain and OnmaxDT as subjects of the central bank’s investigations. It said it has “determined the above three entities” and the conduct of their directors, founders and promoters are prohibited

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