A company based in Singapore has been planning to launch a token offering in Malaysia, but the latter country’s Securities Commission is telling the former to back down.

On January 9, 2018, it was reported that the Securities Commission (SC) of Malaysia told CopyCash, a blockchain-based investment firm operating out of Singapore, to cease and desist from all business activities in the country, including a proposed token offering.

CopyCash has been asked to cancel a series of road shows, seminars, and other marketing campaigns related to the token offering that had been scheduled for January 10. Last week, the SC began investigating CopyCash and determined that the contents of its whitepaper and the resources made available to future investors conflict with the requirements stipulated in Malaysian securities law.

It is likely that the SC’s directive will be upheld by the Monetary Authority of Singapore, as the two agencies signed a cooperative agreement to provide regulatory support to each other in September 2017.

For now, CopyCash has yet to respond on the matter through its official website or social media outlets, though its site still features instructions on how to participate in its crowdfunding venture by setting up a MyEtherWallet.