SC reprimands Remitano, to block access to website

By TMR / Pic By MUHD AMIN NAHARUL

THE Securities Commission Malaysia (SC) has reprimanded Remitano for operating a digital asset exchange (DAX) in Malaysia without authorisation and urges investors to cease trading through the platform immediately.

It is also being included on the SC’s Investor Alert list.

“The SC views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano’s website,” the SC said in a statement yesterday.

“Investors are urged to immediately cease trading through the platform and to withdraw all their investments before Remitano’s website is blocked and becomes inaccessible in Malaysia,” the commission added.

The regulator has also written to Google LLC and Apple Inc to disable the operation of Remitano’s mobile applications in the country.

Operating a DAX without obtaining the 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 RM10 million or imprisonment for a term not exceeding 10 years, or both.

In the past two years, the SC has intensified its efforts in combating illegal investment schemes through various anti-scam awareness campaigns launched under the lnvestSmart® platform, to constantly remind investors to exercise caution before investing in schemes, particularly those offered on social media and messaging platforms.

The SC’s Investor Alert list is updated regularly, accompanied with media announcements and InvestSmart’s social media postings to alert the public on the updates.

“Investors are reminded to trade only with Recognised Market Operators 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 said. 

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