Malaysian crypto exchange says $3 billion blockchain bond is withdrawn

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In this news, we discuss the Malaysian crypto exchange says $3 billion blockchain bond is withdrawn.

HONG KONG (Reuters) – A $ 3 billion bond arranged by a unit of China Construction Bank Corp (CCB) using blockchain technology, to be listed on a Malaysian cryptocurrency-focused exchange, was pulled on demand from the transmitter, the exchange said.

The bond was to be issued by Longbond Ltd, a special purpose vehicle created solely to issue digital bonds and deposit the proceeds with CCB’s branch in Labuan, a Malaysian offshore financial center.

CCB Labuan was the primary arranger and sponsor of the bond’s listing, which was to be tradable on the FUSANG exchange, a Labuan-based trading platform focused on digital assets, including cryptocurrency such as Bitcoin.

On Monday, FUSANG said that on November 13, the day the bond was to be traded, it received a letter from CCB Labuan on behalf of Longbond postponing the listing, and on November 20 was informed by CCB Labuan that the broadcast would not take place.

The bank did not give a reason for the suspension, said Henry Chong, managing director of FUSANG.

A CCB representative in Beijing declined to comment.

Earlier this month, following media reports on the bond, the bank said CCB Labuan was not the issuer of the bond and that the branch did not accept Bitcoin.

Reporting by Alun John; Editing by Christopher Cushing

Original © Thomson Reuters Corporation

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