The UAE's Securities and Commodities Authority (SCA) has refuted rumors about potential securities law breaches involving the $WAP cryptocurrency, which is endorsed by Hollywood celebrities, including American rapper Cardi B. The SCA issued this clarification on Tuesday in response to an inquiry from Khaleej Times, following reports on various websites and social media platforms that claimed the SCA had sent a letter to the US Securities and Exchange Commission (SEC) regarding an investigation into the token.
Numerous websites reported the alleged investigation after a promotional video for $WAP was shared on Cardi B’s official X account on October 8, along with a wallet address. These reports speculated that the token, supported by celebrities, was being scrutinized for securities law violations.
In response to the Khaleej Times' query, the SCA released a statement unequivocally denying the claims, labeling them as 'baseless rumors'. The authority emphasized that it had not communicated with the SEC concerning the $WAP token and cautioned that it reserves the right to take legal action against those disseminating false information. The SCA also posted the investor alert on its website, confirming that no such investigation is in progress.
The full statement, published in an investor alert on the SCA's website, reads: 'The Securities and Commodities Authority (SCA) denies recent reports published on some websites and social media accounts, claiming that the authority sent a letter to its U.S. counterpart, the U.S. Securities and Exchange Commission (SEC), regarding potential securities law violations related to the $WAP cryptocurrency, which is promoted by international celebrities.' The statement continues: 'The SCA clarifies that these reports are baseless rumours and asserts its right to take legal action against those responsible for publishing and spreading the false information.'
Source link: https://www.khaleejtimes.com
