Sun. Apr 11th, 2021

The Securities Commission Malaysia has warned members of the public not to use digital currency ATMs, after a spate of scams and money laundering through the machines.

The regulator issued a public warning earlier this week, telling consumers that firms operating digital currency ATMs are technically operating digital asset exchanges, which need to be authorized by the regulator.

At present, the commission has yet to approve any digital currency ATMs, meaning those that do exist are operating without appropriate regulatory oversight.

According to the warning, the Securities Commission said this exposes those who use them to a variety of financial risks, including money laundering and fraud.

“As such, we wish to caution and remind members of the public not to deal with unlicensed or unauthorised entities or individuals. Those who do so are not protected under the Malaysian securities laws and are exposed to various risks, including fraud and money laundering.”

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