Cloud Token, deemed a fraudulent securities investment scheme, has recently taken advantage of the Australian Securities and Investments Commission’s (ASIC) protocol to lure in more investors. Let's dive into this unfolding story as this ‘Cloud Token' opportunity continues to catch the eye of the public even though it is a far cry from being Bitcoin.

As per non-crypto news outlet in the network marketing world, the former neither operates a business in Australia nor does Australia serve as a revenue for them. However, it’s the latter’s lax regulations on securities fraud that led them to register with ASIC (not to be confused with bitcoin mining ASIC chips).

As bad as their intentions may be, their strategy is smart and now brings awareness, as they can easily steal people’s money before the ASIC gets to the bottom of it all. Not to mention the fact that they are emphasizing on an aspect that people generally look for: legitimacy, and with an ASIC certificate, people may be less inclined to doubt Cloud Token.

BehindMLM further noted that the actual process in getting registered is as simple as three pages. It is important to stress ASIC’s lack of a firm system in investigating securities frauds because any other scammer taking this route can easily steal and get away with it.

Given that Cloud Token seeks investments in US and Japan, this literally has no impact on Australia, unless ASIC values their reputation. For now, it seems like Cloud Token has yet to agree to an audit with ASIC, which means we have yet to know how their operations work and how they will be paying off investors.

Another reasoning as to why Cloud Token would choose to register with ASIC, as per the news outlet, is that regardless of what happens to Cloud Token – good or bad – they will still remain registered with ASIC.

A valid advice that has since been shared is to ask oneself why a firm chooses to register themselves with one regulatory body, when there are many others to choose from – especially in this case where Cloud Token could have easily gone with a Japanese or American regulatory body considering that the services are tailored to those specific populations.

In other, more important news, the price of bitcoin has continue its upward trend:

Bitcoin’s price is $49,417.94 BTC/USD exchange rate today. The real-time BTC market cap of $924.59 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $35.89 Billion and live coin value change of BTC -2.76 in the last 24 hours.