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Is Remitano legal to use in Malaysia ?
TSskan2
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May 30 2020, 10:48 PM, updated 4y ago
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New Member
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Hi, According to https://www.sc.com.my/regulation/enforcemen...ies-individualsRemitano falls under list of unauthorized sites "Operating a recognized market without authorization from the SC" What is the implication on our end if we use Remitano to buy and sell cryptocurrency ? This post has been edited by skan2: May 30 2020, 10:49 PM
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Atsutane-Shirane
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May 30 2020, 10:53 PM
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The only implication i can see is you use it at your risk, no protection against fraud.
Btw off topic i think Binance P2P rate is much better than remitano
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TSskan2
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May 30 2020, 11:09 PM
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New Member
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Perhaps you could also be implicated for fraud / money laundering?
Example buying property or car using crypto traded through Remitano
Wouldnt it affect you when you get audited ? Because you traded crypto through an unlicensed exchange
This is a serious issue... Remitano traders are not aware because they are not being informed ...
This post has been edited by skan2: May 31 2020, 02:04 PM
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balf
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May 31 2020, 09:00 AM
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Getting Started
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QUOTE(skan2 @ May 30 2020, 11:09 PM) Perhaps you could also be implicated for fraud / money laundering? Example buying property or car using crypto traded through Remitano Wouldnt it affect you when you get audited ? Because you traded crypto through an unlicensed exchange This is a serious issue... Remitano traders are not aware because there are not being informed ... lolz Isn't this 1 of the reason we're using Remitano??? Anyhow the recent move of Remitano made me feel not comfortable and they're making themselves in a trouble (which I believe so). Already move all coin to other platform, but not Luno neither.
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Eithanius
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May 31 2020, 09:11 AM
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QUOTE(balf @ May 31 2020, 09:00 AM) Already move all coin to other platform, but not Luno neither. Any particular reason you’re avoiding luno...?
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balf
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May 31 2020, 09:21 AM
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Getting Started
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QUOTE(Eithanius @ May 31 2020, 09:11 AM) Any particular reason you’re avoiding luno...? Low volume exchange market
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raynman
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May 31 2020, 09:26 AM
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QUOTE(balf @ May 31 2020, 09:21 AM) Low volume exchange market Then which exchange are you using to convert your cryptos into fiat?
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jack2
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May 31 2020, 10:40 AM
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QUOTE(balf @ May 31 2020, 09:00 AM) lolz Isn't this 1 of the reason we're using Remitano??? Anyhow the recent move of Remitano made me feel not comfortable and they're making themselves in a trouble (which I believe so). Already move all coin to other platform, but not Luno neither. the recent MYR wallet?
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balf
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May 31 2020, 11:52 AM
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Getting Started
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QUOTE(raynman @ May 31 2020, 09:26 AM) Then which exchange are you using to convert your cryptos into fiat? at the moment i using huobi and binance. QUOTE(jack2 @ May 31 2020, 10:40 AM) the passive income program as well
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TSskan2
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May 31 2020, 02:05 PM
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New Member
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QUOTE(Eithanius @ May 31 2020, 09:11 AM) Any particular reason you’re avoiding luno...? Luno sibei slow
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jack2
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May 31 2020, 02:12 PM
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QUOTE(skan2 @ May 31 2020, 02:05 PM) I second it.
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jack2
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May 31 2020, 04:52 PM
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QUOTE(skan2 @ May 30 2020, 10:48 PM) Hi, According to https://www.sc.com.my/regulation/enforcemen...ies-individualsRemitano falls under list of unauthorized sites "Operating a recognized market without authorization from the SC" What is the implication on our end if we use Remitano to buy and sell cryptocurrency ? Dunno who is the one who reported ya?
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balf
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Jun 1 2020, 10:10 AM
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Getting Started
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QUOTE(jack2 @ May 31 2020, 04:52 PM) Dunno who is the one who reported ya? competitor? Luno
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doraemonkiller
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Jun 1 2020, 05:03 PM
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eToro was added under the list too recently. The platform can trade cryptocurrency too. It does not means that they are not safe. Which popular + high volumn platform like Binance, Huobi, Remitano and others register or own a license at Malaysia? None of them.
eToro is authorised and regulated by the Financial Conduct Authority (FCA), under firm reference number 583263. eToro Europe and eToro UK both operate under and comply with the Markets in Financial Instruments Directive (MiFID). A lot of platform have license at other countries but do not register at local market.
Do you think the popular online exchange/ platform will register or obtain license at a very small market like Malaysia?
If the local exchange or platform have license from BNM but DO NOT OWN a license at foreign market, does it means that it is illegal too?
This post has been edited by doraemonkiller: Jun 1 2020, 05:22 PM
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