The much-publicized LEOCoin seems to have entered murky waters within weeks of its launch. According to the reports, LEOCoin, which claims itself to be the competitor of Bitcoin isn’t coming clean about its operations. To make matters worse, questions are being raised about the history of LEOCoin’s founders – Dan Anderson and Atif Kamran.
LEOCoin is part of the UK based Learning Enterprises Organization. The company is involved in offering a suite of products and services related to business education and learning. LEOCoin claims to have already signed up over 130,000 merchants to the program, most of them are assumed to be the existing clients of its parent company. It hasn’t been possible to verify these claims as there are no press releases or whitepapers available on this regard.
Also previously, the founders of LEOCoin have been accused of being associated with allegedly fraudulent businesses in Pakistan. UNAICO Pakistan, an IT Services company was suspected of running a pyramid scheme and received a warning on this regard by the Securities and Exchange Commission of Pakistan (SECP) in 2012. Dan Anderson was the CEO of UNAICO at that time and Kamran has made appearances on behalf of UNAICO in its promotional materials. Apparently, Kamran was placed on the Pakistan government’s Exit Control List (ECL) for his alleged involvement in SiteTalk, a sister concern of UNAICO.
According to an expert, there are certain aspects of LEOCoin that makes it a potential cause of concern. The lack of clarity of the company’s business plan in combination with the program’s message calls for some degree of caution.
At the time when almost all cryptocurrencies have their own list of scams, LEOCoin seems to have made it to the list pretty fast. Even though these are just a bit more than speculations at this point, we can never be sure about the success of the new digital currency. It is to be seen whether LEOCoin will go on to displace Bitcoin from its current No. 1 position, or dig its own grave.
LEOCoin is part of the UK based Learning Enterprises Organization . The company is involved in offering a suite of […]