Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (April 24): Members of the public are advised to be on their toes 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.

In a statement today, the Securities Commission Malaysia (SC) cautioned investors 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 commission has added 12 companies operating without SC’s licence or authorisation under its watch-list or Investor Alert at www.sc.com.my/investor-alert.

Currently, there are only three registered recognised market operators (RMOs) for DAX, namely Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd.

“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,” said the SC.

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 10 years or both.

The SC also asked the public to alert it if they come across any suspicious websites as well as receive any unsolicited phone calls or emails offering investment advice and opportunities, especially those that offer high returns with little or no risks.

      Print
      Text Size
      Share