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 Is Remitano legal to use in Malaysia ?

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TSskan2
post May 30 2020, 10:48 PM, updated 4y ago

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Hi,

According to https://www.sc.com.my/regulation/enforcemen...ies-individuals

Remitano 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
Atsutane-Shirane
post 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
TSskan2
post May 30 2020, 11:09 PM

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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
balf
post May 31 2020, 09:00 AM

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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??? biggrin.gif
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.
Eithanius
post 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.
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Any particular reason you’re avoiding luno...?
balf
post May 31 2020, 09:21 AM

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QUOTE(Eithanius @ May 31 2020, 09:11 AM)
Any particular reason you’re avoiding luno...?
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Low volume exchange market
raynman
post May 31 2020, 09:26 AM

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QUOTE(balf @ May 31 2020, 09:21 AM)
Low volume exchange market
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Then which exchange are you using to convert your cryptos into fiat?

jack2
post 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??? biggrin.gif
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?
balf
post May 31 2020, 11:52 AM

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QUOTE(raynman @ May 31 2020, 09:26 AM)
Then which exchange are you using to convert your cryptos into fiat?
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at the moment i using huobi and binance.


QUOTE(jack2 @ May 31 2020, 10:40 AM)
the recent MYR wallet?
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the passive income program as well
TSskan2
post May 31 2020, 02:05 PM

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QUOTE(Eithanius @ May 31 2020, 09:11 AM)
Any particular reason you’re avoiding luno...?
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Luno sibei slow
jack2
post May 31 2020, 02:12 PM

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QUOTE(skan2 @ May 31 2020, 02:05 PM)
Luno sibei slow
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I second it.
jack2
post 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-individuals

Remitano 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? hmm.gif
balf
post Jun 1 2020, 10:10 AM

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QUOTE(jack2 @ May 31 2020, 04:52 PM)
Dunno who is the one who reported ya? hmm.gif
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competitor? Luno brows.gif
doraemonkiller
post 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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