Four foreign nationals were charged in court on Thursday with engaging in a conspiracy to cheat involving a cryptocurrency mining investment scheme, as well as for carrying on a business of providing payment services without a license.investigated in 2022 for possible cheating offences.
At the time of their offences, Dutch national Yang Bin, 60, served as the chairman of A&A Blockchain. Lu Huangbin, 59, was chief executive officer, Wang Xinghong, 40, was chief technology officer, and Chen Wei, 42, was a director at the company. Lu, Wang and Chen are all Chinese nationals. Each of the four face 12 counts of engaging in a conspiracy to cheat involving a total sum of over $1.8 million, and a single count of consenting to A&A Blockchain carrying on a business of providing payment services without a license.
Between May 2021 and February 2022, A&A Blockchain offered a cryptocurrency mining investment scheme, promising investors a fixed daily return of 0.5 per cent. The accused allegedly conspired to induce 12 individuals to invest with A&A Blockchain by falsely claiming that the company owned a large number of machines to mine cryptocurrency.
From August 2021 to February 2022, A&A Blockchain operated a cryptocurrency exchange known as AAEX, which offered the trading of several cryptocurrencies. The company did not possess a license issued by the Monetary Authority of Singapore to provide payment services in the country.
Source: News Formal (newsformal.com)
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