KUALA LUMPUR: The Securities Commission Malaysia (SC) has reprimanded Remitano, a P2P cryptocurrency exchange for operating a digital asset exchange (DAX) in Malaysia without authorisation from the regulator.
In a press release issued yesterday, the SC said Remitano has also been included on its ‘Investor Alert list’, which is updated regularly to alert members of the public.
“The SC views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano’s website.
“Operating a DAX without obtaining SC’s approval to be registered 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 RM10mil or imprisonment for a term not exceeding ten years, or both, ” it warned.
Meanwhile, the regulator has also written to both Google and Apple to disable the operation of Remitano’s mobile applications in the country.
As such, the SC has urged investors to immediately stop trading through the platform and withdraw all their investments before Remitano’s website is blocked.
“Investors are reminded to trade only with RMOs that are registered with the SC. Those who trade with unlicensed or unregistered entities or individuals are not protected under Malaysian securities laws and are thus, exposed to risks such as fraud and money laundering, ” it cautioned.
Over the last two years, the regulator had intensified its efforts in combating illegal investment schemes through various anti-scam awareness campaigns under the SC’s lnvestSmart platform.
“This was to constantly remind investors to exercise caution before investing in schemes particularly those offered on social media and messaging platforms.
“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, ” the regulator pointed out.