American rapper Cardi B. ARCHIVE

The UAE's Securities and Commodities Authority (SCA) has denied rumors circulating about an investigation into the $WAP cryptocurrency, a token promoted by American rapper Cardi B. The clarification came after reports suggested that the SCA was looking into potential securities law violations connected to the cryptocurrency. On Tuesday (October 22) the SCA responded to a query from media, dismissing the rumors as "baseless." The authority confirmed that no communication had taken place between the SCA and the US Securities and Exchange Commission (SEC) regarding $WAP, despite widespread speculation following a promotional video shared by Cardi B. “The reports about an investigation into the $WAP cryptocurrency are completely unfounded,” according to the SCA, warning that it will take legal action against those spreading false information. The SCA also issued an investor alert on its website, warning the public to be cautious of misinformation about cryptocurrencies and urging investors to verify claims through official channels. ICA/Expat Media
For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube page