Malaysia’s financial regulator has blacklisted another group of FX and investment websites. Admiral Markets’ European authorization does not entail passporting rights to promote its products in Malaysia.
The regulator cited their brands as unauthorized to operate in the country.
The most notable to the Securities Commission (SC) warning list is the clone firm that claimed affiliation with Admiral Markets.
Admiral Markets is a multi-regulated FX and CFDs brokerage firm.
The UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investment Commission (ASIC) regulate the original Admiral Markets.
The regulatory approvals allow the brokerage firm to offer a set of financial services. They also approved the brokerage to provide cross-border services across the EU/EEA under European passport rights.
However, the brokerage’s authorization does not entail passporting rights to promote its products in Malaysia.
Elsewhere, the Securities Commission (SC) red-flagged a set of FX and crypto firms. They include Forex Islamic Account, Pocket Option, Syarikat Tiens Syariah, and HM Wealth Management.
Malaysia watchdog has advised its citizens against using such services or investing with companies or individuals that SC has not approved or licensed.
Therefore, anyone engaging in regulated activities without valid registration or license from the SC is committing an offense under the Capital Markets and Services Act 2007.
They could be punished with up to 10 years of imprisonment and fined if convicted.
However, Malaysia is getting ready for the arrival of the crypto business.
Earlier in November, the Malaysian financial watchdog allowed Huobi, a cryptocurrency exchange, to launch regulated services in Malaysia through a local partnership model.
Huobi is a former ‘big three’ platform. Named ‘Huobi Labuan,’ the company received a license for digital asset trading brokerage services in September.
After the initial filing, they get up to nine months to meet SC’s regulatory standards. During this time, the SC permits the exchange to provide spot and derivatives trading services.
Malaysian law requires cryptocurrency exchanges to register as Digital Assets Exchanges with the SC.
After a nine-month-long probationary period, Huobi Labuan will be eligible to receive full approval from the local securities watchdog.
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