KUALA LUMPUR (Jan 25): The Securities Commission Malaysia (SC) has added Bittrex Global Trading Sdn Bhd to its investor alert list of unauthorised websites, investment products, companies and individuals.
The SC noted that Bittrex was added to the list as the regulator remarked that Bittrex is carrying on unregulated activities and possible clone offering high returns through Facebook.
It added that Bittrex is operating a digital asset exchange (DAX) without registration.
According to SC's website, the investor alert list includes persons carrying on or hold himself out as carrying on the following regulated activities without a licence from the SC:
- Dealing in securities
- Dealing in derivatives
- Fund management
- Advising on corporate finance
- Investment advice
- Financial planning, and
- Dealing in private retirement schemes
The list also includes persons operating a recognised market without authorisation, persons issuing or offering securities without approval, authorisation or recognition, and persons misusing SC’s logo and misrepresenting the SC.
Besides Bittrex, other recently added entries in the list are FBS Trading Bhd, CP Markets (Cooper Markets)/Coopermarkets Malaysia, Mapletree Investment Malaysia, DooPrime Malaysia, GMI Edge Malaysia, World Lymph Trading/WL Trade Bhd, Hajdari Group Invest Halal/ Hajdari Group, and Admiral Markets Malaysia.
The full list can be obtained here.
In November last year, the SC cautioned the public of a sharp increase in clone firm scams, perpetrated by companies that fraudulently impersonate legitimate entities, including misusing names and logos of public listed companies (PLCs).
The regulator said these clone firms offer non-existent investment opportunities, including in the shares of PLCs, promising unrealistically high returns within a short span of time.
The SC also issued an alert in May against fraudulent clone firms posing as licensed capital market intermediaries.