Securities Commission Malaysia Reprimands Remitano And Seeks To Block Access To Its Website Date 13/04/2021 The Securities Commission Malaysia (SC) has reprimanded Remitano for operating a digital asset exchange (DAX) in Malaysia without authorisation from the SC. The entity has also being included on the SC’sInvestor Alertlist.
The SC views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) 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. Operating a DAX without obtaining SC’s 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 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.