SC reprimands Remitano, includes in investor alert list

  • Markets
  • Tuesday, 13 Apr 2021

KUALA LUMPUR: The Securities Commission Malaysia (SC) has reprimanded Remitano for operating a digital asset exchange (DAX) in Malaysia without authorisation and has included the entity on its Investor Alert list.

In a statement today, the regulator said it viewed this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano’s website.

"We have also written to Google and Apple to disable the operation of Remitano’s mobile applications in Malaysia,” it said.

It said operating a DAX without obtaining SC’s approval as a Registered Market Operator (RMO) is an offence under Section 7 of the Capital Markets and Services Act 2007.

"If a person is convicted, he may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both,” it said.

It said investors are urged to immediately cease trading through the platform and to withdraw all their investments before Remitano’s website is blocked and become inaccessible in Malaysia.

The SC said that over the last two years, it has intensified efforts in combating illegal investment schemes through various anti-scam awareness campaigns launched under the SC’s lnvestSmart platform to constantly remind investors to exercise caution before investing in schemes, particularly those offered on social media and messaging platforms.

It said these campaigns were conducted through television, radio, social media platforms and websites including an anti-scam dedicated page on the SC’s website.

"The SC’s Investor Alert list has also been updated regularly, accompanied with media announcements and InvestSmart’s social media postings to alert members of the public on the updates,” it said.

It said those who trade with unlicensed or unregistered entities or individuals are not protected under the Malaysian securities laws and are thus, exposed to risks such as fraud and money laundering.

"The public should alert the SC if they come across any suspicious websites or receive any unsolicited phone calls or e-mails offering unauthorised investment schemes, especially those that offer high returns with little or no risks,” it added.

It said queries or complaints can be made to the SC at tel: +603 6204 8999 or e-mail: while the SC’s Investor Alert list is available at - Bernama

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