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PETALING JAYA: The Securities Commission Malaysia (SC) has reprimanded Remitano for operating a digital asset exchange (DAX) in Malaysia without authorisation and has included the entity to its ‘Investor Alert’ list.

The regulator has sought assistance of the Malaysian Communications and Multi-media Commission to block Remitano’s website as it views it as a serious transgression.

The SC has also written to Google and Apple to disable the operation of Remitano’s mobile applications in Malaysia.

It highlighted that operating a DAX without 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 convicted, a person may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both.

It urged investors to immediately cease trading through the platform and withdraw all their investments before access to its website is blocked and becomes inaccessible.

Over the last two years, the regulator has intensified efforts in combating illegal investment schemes through various anti-scam awareness campaigns via its InvestSmart platform and maintained an ‘Investor Alert’ list accompanied by media announcement and social media posts.

It reminded investors to trade only with RMOs that are registered with the SC.

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