PASTI Task Force Halts Unlicensed Crypto Investment Offers

The Task Force for the Eradication of Illegal Financial Activities (Satgas PASTI) has halted the activities of YWWSDC and RTHAE after discovering a number of indications of violations in their offers of crypto asset and digital financial asset investments to the public.

Satgas PASTI Secretariat Hudiyanto said both entities do not hold a licence from the Financial Services Authority (OJK) as Digital Financial Asset Traders (PAKD).

“Both entities also claim to be companies licensed abroad and are in the process of obtaining licensing from the OJK,” said Hudiyanto.

Based on the results of clarification and verification, Satgas PASTI found a number of problems in the activities of YWWSDC and RTHAE.

YWWSDC is known to claim to be part of YWWSDC Group US Ltd, a company said to be licensed in Colorado, United States. The entity offers crypto asset trading investment schemes and the purchase of digital financial asset tokens through the YWWSDC platform.

However, Satgas PASTI found that YWWSDC does not hold an OJK licence as a PAKD. Its business activities are also deemed inconsistent with the licence issued by the Ministry of Investment and Downstreaming/Investment Coordinating Board (BKPM).

In addition, the application and/or website used by YWWSDC is not registered as an Electronic System Operator (PSE) with the Ministry of Communication and Digital Affairs.

Satgas PASTI also found indications of changes to link addresses or URLs using different names but with a similar appearance. This condition is suspected to be linked to YWWSDC.

Meanwhile, RTHAE offers crypto asset and digital financial asset investments through the Retail Trader Hosted Automates Engine (RTHAE) platform.

The offer is made, among others, through an initial token offering claimed to be listed on the RTHAE exchange. In the offer, there is a promise that funds already deposited will be returned to members if the token fails to list.

The results of Satgas PASTI’s clarification and verification found that RTHAE has no legal entity in Indonesia and does not hold an OJK licence as a PAKD.

RTHAE’s business activities are also deemed inconsistent with the licence issued by the Ministry of Investment and Downstreaming/BKPM. In addition, the application and/or website used is not registered as a PSE with the Ministry of Communication and Digital Affairs.

Based on these findings, Satgas PASTI has halted the activities of YWWSDC and RTHAE and blocked access to the related applications and/or URL links.

Satgas PASTI will also coordinate with law enforcement officials for further enforcement action.

Hudiyanto urged the public not to be easily tempted by investment offers that promise high and illogical returns, especially if the offer is made in the name of a foreign company or claims to be in the process of obtaining OJK licensing.

The public is asked to always verify the legality of parties offering investments and to understand the characteristics, benefits, and risks of the financial products offered before making transactions.

“Members of the public who feel aggrieved are urged to immediately report to local law enforcement officials to expedite the handling process,” said Hudiyanto.

If members of the public find indications of illegal investment offers or other illegal financial activities, including illegal online loans, they can report via the website sipasti.ojk.go.id or OJK Contact 157.

Reports can also be submitted via WhatsApp 081157157157 and email [email protected].

Meanwhile, for members of the public who are victims of financial transaction fraud, reports can be submitted through the Indonesia Anti-Scam Centre (IASC) at iasc.ojk.go.id. Such reporting is expected to support efforts to block perpetrators’ accounts quickly.