A Chinese crypto firm has caught the ire of many junket operators after announcing that its digital coin may be used for transactions in Macau casinos.
Tech firm Lantai Digital Application Technology Co Ltd recently launched its supposed cryptocurrency before the local media, stating that the digital currency is supported by several Macau VIP gambling promoters. Turns out, Lantai’s claim was nothing but fake news.
Several Macau-based junket operators—Suncity Group, Tak Chun Group, Meg-Star Group, Guangdong Group and David Group—immediately issued a rebuttal after Lantai’s announcement, saying that they aren’t happy with how their brands have been dragged into the launch of the Chinese company’s token, according to a GGRAsia report.
Some promoters are planning to drag Lantai to court for unauthorized use of their trade names and corporate logos for the purposes of marketing or promotion, according to the news outlet.
After drawing flak from gambling operators, Lantai admitted that it “had never reached cooperation agreements in any form with Macau’s gaming firms.” The Chinese firm added that its “subscription of cryptocurrency; its launch activity, trading and application” had no relation with the gaming firms. But Lantai said that trading of its cryptocurrency will continue.
“We would like to express our deep apology to the affected gaming firms, and are willing to bear any losses incurred thereof,” Lantai Digital Application Technology said in a statement posted on its website.
Macau’s Judiciary police are reportedly looking closely at the case to determine whether Lantai violated any laws. So far, Judiciary Police spokesperson Lei Hon Nei said they have yet to receive a single complaint against Lantai.
On the other hand, the Monetary Authority of Macau reiterated its warning on Wednesday that residents “need to be careful about any frauds that may exist or with the possibility of being exploited for the practice of any criminal activity, since virtual currency is a ‘virtual commodity’, that is, it is neither a legal currency nor a financial instrument.”