The Malaysian Digital Asset Platform Association (MDAPA) is cautioning investors about the increased risk of scams as Bitcoin approaches the US$100,000 mark and other cryptos surge in value.
The rising popularity of cryptocurrencies has led to a surge in unlicensed schemes seeking to exploit the situation.
These scammers often prey on vulnerable groups, such as senior citizens who may be less familiar with cryptocurrencies, using social media to lure them with promises of quick and easy profits to boost their retirement savings.
MDAPA reports that scammers are even impersonating agents of legitimate digital asset exchanges, tricking investors into transferring funds.
The association emphasises that approved exchanges will never promise investment returns, entice investors with displays of wealth, or use third-party intermediaries.
All transactions must be conducted by the investors themselves through the official app or website of the exchange.
The Securities Commission Malaysia has approved only six digital asset exchanges: HATA Digital, Luno Malaysia, MX Global, SINEGY DAX, Tokenize Technology, and Torum International.
It has also approved two initial exchange offering platforms: Pitch Platforms and Kapital DX.
A full list of approved platforms can be found on the Securities Commission Malaysia’s website under “Regulated Digital Asset Players.”
Investors are urged to report any suspected scams to the Commercial Crime Investigation Department at 03-26101559 or the National Scam Response Centre at 997.