PETALING JAYA: The Securities Commission Malaysia (SC) today cautions the public to be on the alert for any individuals or entities that may try to take advantage of the latest developments of Covid-19 to entrap them into investing in illegal investment schemes.
The SC also warns the public against investing in unauthorised digital asset exchanges (DAX) operating in Malaysia, following an increase in the number of queries and complaints the regulator has received. The SC has added 12 companies operating without SC’s licence or authorisation under its watch-list.
Investors who deal with unlicensed or unauthorised entities or individuals are exposed to various risks, including fraud and money laundering, and may not have access to legal recourse in the event of a dispute. The SC reminds investors to only trade with recognised market operators (RMOs) that are registered and authorised by the SC.
Currently, there are three registered RMOs for DAX namely Luno Malaysia Sdn Bhd, Sinegy Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd. Apart from these three operators, no other online platforms are presently permitted by the SC to establish and operate a DAX in Malaysia.
The SC also cautions all unauthorised DAX operators in Malaysia to immediately cease its activities. Operating a DAX without authorisation from the SC is an offence under securities laws and 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.
source https://www.thesundaily.my/business/sc-advises-investors-to-be-on-alert-for-covid-19-investment-scams-unauthorised-dax-GX2330594
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