KUALA LUMPUR: The Securities Commission (SC) has reprimanded Remitano for operating a digital asset exchange (DAX) in Malaysia without authorisation from it.
In a statement today, the SC said the entity had also been included on its Investor Alert list.
"The SC views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission to block Remitano's website.
"The regulator has also written to Google and Apple to disable the operation of Remitano's mobile applications in Malaysia," it said.
The SC said operating a DAX without obtaining its approval to be registered as a Registered Market Operator (RMO) was 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.
The SC urged investors to immediately cease trading through the platform and withdraw all their investments before Remitano's website was blocked and became inaccessible in Malaysia.
"The SC had over the last two years, intensified its 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.
"These campaigns were conducted through television, radio, social media platforms and websites including an anti-scam dedicated page on the SC's website," it said.
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.
"Investors are reminded to trade only with Recognised Market Operators that are registered with the SC. Those who trade with unlicenced 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 added.