Securities Commissions places 12 companies under watch list for operating without license

By Poovenraj Kanagaraj

The SC has added 12 companies operating without SC’s license under its watch list on its website. Some of these companies include Babylon Solutions Limited, Unihash, Quattro Holding Group and Eunex M Ltd among others.

This comes after several number of queries and complaints were made to the regulator.

The Securities Commission (SC) urges Malaysians to be on alert for any individuals or entities that may try to take advantage of the ongoing Covid-19 pandemic to entrap them into investing in illegal investment schemes.

The commission also cautions the public from investing in unauthorised digital asset exchanges (DAX) operating in the country.

According to the SC, there are three registered Recognized Market Operators (RMOs) for DAX namely Luno Malaysia Sdn Bhd, SINEGY Technologies (M) Sdn Bhd and Tokenize Technology (M) Sdn Bhd. Apart from the three operators mentioned above, no other online platforms are presently permitted by the SC to establish and operate a DAX in Malaysia.

The commission also cautions all unauthorised DAX operators in Malaysia to immediately cease its activities as operating a DAX without authorization from the SC is considered as an offence under the securities law.

Those convicted may be liable to a fine not exceeding RM 10 million or imprisonment for a term not exceeding ten years or both.

The public may verify if a digital asset operator is registered with the SC here.

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