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Remitano Blocked for Unauthorized Provision of Crypto Services

The Securities Commission Malaysia (SC) has just released a statement about their reprimandation of Remitano, an online platform where one can buy and sell crypto in an escrowed P2P marketplace, due to the unauthorized provision of digital asset services in Malaysia.

The SC stated that this is a serious violation of the law and is teaming up with the Malaysian Communications and Multimedia Commission (MCMC) in order to block Remitano’s website. The regulator has also written to Google and Apple to shut down the operation of Remitano’s mobile app in Malaysia.

To legally operate a DAX, the SC must first approve the company’s decision to register as a Registered Market Operator (RMO). Otherwise, this would be considered an offence under Section 7 of the Capital Markets and Services Act 2007. The convicted may be liable to a fine not more than RM10 million or be imprisoned for ten years at maximum, or both.

Over the last two years, the SC has been working hard to wipe out illicit investment schemes by launching various anti-scam awareness campaigns under the SC’s lnvestSmart® platform. The aim of the campaigns is to instill a sense of vigilance into the investors, that they should be wary about investing in schemes offered on social media and messaging platforms. The investors are also reminded to trade only with SC-authorized Recognized Market Operators.

The SC’s Investor Alert list is actively kept up-to-date, along with media announcements and InvestSmart®’s social media posts that are used to keep the public well-informed.

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