After OJK ban, Indonesian crypto exchange delists Vidy, VidyX coins

Indodax, an Indonesian cryptocurrency exchange, said it will delist cryptocurrency assets Vidy and VidyX on November 30, following requests from the country’s Financial Services Authority (OJK).

Both those coins were created by Vidy, a Singapore-based advertising tech firm backed by Indonesian media conglomerate MNC Group, blockchain platform Qtum, and blockchain-focused VC Fenbushi Capital. Vidy also counts as its clients prominent media entities across Singapore and Indonesia, including Vogue Singapore, CNN Indonesia, CNBC Indonesia, and Mothership.

Matthew Lim, co-founder of Vidy (center) / Photo credit: Vidy

According to a statement, OJK has halted the operations of PT Rechain Digital Indonesia, which ran VidyCoin Community Indonesia –  the group that offered Vidy and VidyX through direct selling or a multilevel marketing scheme without permission from the archipelago’s Ministry of Trade. OJK has sent a request letter to Indodax to delist the two coins from the latter’s exchange.

Indodax has advised its users to move their Vidy and VidyX holdings to their own wallets as the exchange will stop all trading in the coins by November 30, 6 a.m. Jakarta time.

Tech in Asia had reported on the activities of PT Rechain Digital Indonesia in July. The company promotes a cloud mining investment scheme and promises an investment return of almost 3x in a single year.

See also: Disavowed Indonesian crypto scheme promises sky-high profits, and investors are biting

At the time, Vidy appeared to be distancing itself from PT Rechain Digital Indonesia’s community. Matthew Lim, the company’s co-founder and Asia CEO, had also denied his involvement in the multilevel marketing scheme. He had said that MNC Group had no involvement in any of the investment schemes surrounding VidyCoin.

However, Tech in Asia had unearthed videos showing Lim participating in online events organized by PT Rechain Digital Indonesia. In one video, he is seen promoting Reward City, an online game that appeared to be an extension of the community’s cloud mining scheme, even though the game supposedly has no connection to Vidy’s core business.

Tech in Asia had presented the videos to Lim, seeking comment, but his representative declined to offer any explanation at that time. MNC Group, which is behind the TV channel RCTI, also declined to comment and directed our enquireies back to Lim’s statement.