THE Malaysian Digital Asset Platform Association (MDAPA) warns investors to be extra vigilant against scammers as Bitcoin nears US$100,000 and other alternative digital assets (altcoins) see a surge in valuation.
With the market’s confidence at a high and cryptocurrency prices rising, the public is drawn to opportunities to make gains.
As interest peaks among the public, investors must be wary of unlicensed schemes that prey on such sentiment.
Scammers often target vulnerable groups, particularly senior citizens who use social media, have limited knowledge of cryptocurrencies, and are drawn to promises of quickly increasing their retirement savings.
MDAPA has also received complaints that these scammers are masking themselves as agents or proxies on behalf of the approved digital asset exchanges in the country to help new or unaware investors invest or trade on their behalf.
As of today, the Securities Commission Malaysia has only approved six digital asset exchanges and two initial exchange offering platforms, which can be found on its official website: Regulated Digital Asset Players. The approved platforms are:
Digital Asset Exchange
1/ HATA Digital Sdn Bhd
2/ Luno Malaysia Sdn Bhd
3/ MX Global Sdn Bhd
4/ SINEGY DAX Sdn Bhd
5/ Tokenize Technology (M) Sdn Bhd
6/ Torum International Sdn Bhd
Initial Exchange Offering
1/ Pitch Platforms Sdn Bhd
2/ Kapital DX Sdn Bhd
The Association reiterates that approved digital asset exchanges will never promise investment returns, lure investors with lavish lifestyles, and employ third-party intermediaries to facilitate any buying or selling of digital assets.
Every transaction must be carried out solely by the investors themselves via the exchange’s app or website.
If you encounter a potential scam, report it to the relevant authorities, such as the Commercial Crime Investigation Department (CCID) hotline at 03-26101559 or the National Scam Response Centre (NSRC) hotline at 997. —Nov 26, 2024
Main image: zeb-consulting.com
