Always in the news, Macau junket operators are there again after a fake report from a crypto agency was released. The junket operators are not happy after an announcement about digital coins being used in Macau casinos. Lantai Digital Application Technology launched their cryptocurrency, at least according to local media. They stated the currency would be usable and supported by Macau VIP promoters. However, the claim was fake, which earned the ire of junket operators.
Tak Chun Group, Suncity Group, David Group, and Guangdong Group all began issuing a rebuttal when the announcement from Lantai went out via the internet. They stated they did not like their brands being linked to the cryptocurrency company in China.
Some of the companies even made statements about bringing Lantai to court for the use of their names in the media announcement. Their names and logos were used in the report as a way to market the cryptocurrency. Lantai issued a retraction stating they did not have permission to use the firm’s names and that they have not made deals with the Macau junket operators.
They also stated the cryptocurrency is launched, available for trading, and has applications in the gambling industry; however, it is not related as yet to any specific promoters. They do hope it will change, but they did apologize to the gaming locations in Macau for using their brands and logos. The Macau government is assessing the situation to see if any violations have occurred.
Other Crypto News from Macau
Macau issued a crypto warning due to a link with a triad boss. Criminal ties to an ICO are revealed. The issues with cryptocurrency seem to keep coming. Lantai may not be a fake company, but their use of the Macau companies’ names for promotion was not kosher.
The legal issue with the ICO being linked with a triad boss is part of why many people are not jumping feet first into the crypto market. Plenty is, but it will never become mainstream if negative news continues to surround it. Even gambling places are wary of adding crypto to their banking options due to regulations, illegal activity, and negative press.
For now, Macau’s Monetary Authority is issuing warnings that one must be careful of fraud and other exploitative practices regarding currency as a digital concept. It is not a legal currency or financial instrument at this time for the casinos or shopping in Macau.