Securities Commission Malaysia Warns Public against Crypto Currency ATMs amidst Concerns over Scams and Money-Laundering
July 13, 2020
Email The Securities Commission Malaysia (SCM) has issued a public warning urging the general public of Malaysia to avoid the use of digital currency automated teller machines (ATMs), following reports of a series of money-laundering incidents and scams involving such ATMs. The SCM informed the public that companies operating such ATMs need to be authorized by the SCM to operate a digital asset exchange.
According to local media reports, none of the digital ATMs operating in Malaysia have been approved by the SCM, whilst penalties for operating an unauthorized digital ATM in Malaysia can attract fines up to MYR 10 million, with imprisonment of up to 10 years, for anyone charged of running an exchange without authorization.
