Looks like can sign up already, but no details on launch.

Exchange only have USDT/USD, no MYR pair.

https://hata.io/

App also available in app store

This post has been edited by Natsukashii: May 11 2024, 12:34 PM

Honestly I'll just stick to Binance / Coinbase / Luno

These new exchanges don't have liquidity and can escape with your money anytime

regulated by SC and Labuan FSA?

Regulated by SC also can escape with our money?

FTX was also licensed and regulated by Singapore Temasek

If the authorities don't use multisig with these exchanges, regulation is just a piece of paper for tax

1 angry employee can transfer everything out and what can anybody do ?

Yes, this is what I thought so.

You look at the About Us, all co-founders seem are Malaysian?

I don't trust Labuan FSA.

How to check if they are really regulated by SC?

It is weird that SC would allow USD/USDt pair?

whooaa... supports USDT trades

their fiat currency is USD. U try liao you also hardly to bring back to Malaysia. Your bank will query you too.

I don't think Hata has a MYR (fiat ringgit) wallet for USDT trading.

BNM and SC won't allow it.

If so, a lot of Malaysians will park their ever-weakening ringgit there to hedge against inflation and ringgit weakness, making the ringgit even weaker.

Regulated exchanges like Luno, Sinegy, MX Global and Tokenize all don't support USD stablecoins like USDT and USDC.

There is no MYR/USDT pair..

But if we access what they have for now, it's USDT/USD

I actually haven't activate an account

Depending on their exchange rate, maybe we can transfer USDT to them, and then convert to MYR

They might limit USDT wallet, like how you said does seems it's the case. Like you know wise card, we can hold USD in it, but in Malaysia, the limit is so low.. only RM20k total balance on the entire account. So similar thing might be in play with USDT.

All these limits, and still MYR drowning lol. Apa kejadah ntah.

Anyway, the launch is not official yet it seems, so maybe they'll remove it and only have what other minor exchanges offers in Malaysia

Coinbase support Malaysia users and support deposit/withdraw of usdc to usd?

Last I checked, we aren't supported so all mainly getting scalped kao2 by binance p2p where the usdt rate is much higher than it is if you just convert myr to fiat USD. P2p usdt rate is 4.78 while fiat USD is 4.73.

LOL dont give wrong information, FTX was not licensed and regulated by Singapore Temasek.

Temasek is just an investor of FTX.

I've tried out the platform recently and here's my comments on its pros and cons so far.

Pros:
1. Fees are considered cheap for a regulated platform - (Bank transfer for MYR deposit is free, USD deposit is free, instant buy/sell with MYR is 1% compared to Luno's 2%, maker fee on exchange is 0% for every tier - based on their fee page) Can save alot on fees if you know your stuff and play your cards right.
2. Got 2 accounts on the platform itself (Malaysia and Global) - can easily transfer crypto to my own account for free and sell it for MYR or USDT. MYR can be used to buy 11 different cryptocurrencies while USDT can be used to buy 30+ types of cryptocurrencies...
3. Both website and app feels lightweight and smooth when navigating.

Cons:
1. Seems like they are still in beta mode. Website and app is still very barebone-ish. Bugs here and there (expected for a beta app).
2. No orders on exchange means no liquidity. Wouldn't start trading heavily on it until they pour in money and have more people come flooding in first. Also not many pairs on its USD exchange (Only USDT/USD and TKX/USD). Would be amazing if they can add all their 30+ pairs on it.
3. Can only use USD to buy USDT, not other cryptocurrencies. Then again, this is probably because of BNM not allowing it as someone has already mentioned above.

So far, my experience has been positive but its still too early to tell. Probably the SC is governing the MYR side while Labuan on the USD/USDT side. Got potential la but see if they will maintain all the low fees, introduce more cryptocurrency pairs and features in the future.

Yea their CEO is Ex-GM for APAC in Luno. Probably experienced enough and won't rug us ba LOL

How did you deposit USD?

I bank transferred using Wise. Have to manually perform a bank transfer and submit a proof of deposit for USD deposits.

1. You used swift?

2. Did you convert to USD first or you converted when you do the transfer?

Wow better than Luno. Can support USDT.

Hello all.
I do have one question on the HATA Deposit, as the APP currently does not support direct SPX yet, it requires us to perform Bank Transfer, then upload the transfer slip.

My question is, the APP states that Deposit USD, when I am performing the transfer, it will be in MYR, does that mean that HATA will automatically convert the currency?

OR, when I am doing the transfer, I need to do it in terms of USD? This is where I am not sure how to do it.

Thank you.