Malaysian Regulator Blacklists an Admiral Markets Clone Site

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Securities Commission (SC), the Malaysian financial watchdog, has warned against some groups of FX and investment sites, saying they don’t have the required authorization to operate in the country.

While there are few sites added to the regulator’s blacklist, one of the most notable is a cloned website of CDFs and multi-regulated FX brokerage firm Admiral Markets.

Malaysia an enticing destination for crypto firms

Malaysia is seen as the next hot place for cryptocurrency trading as the country is gearing up for the industry. Crypto exchange Huobi has already received a license to operate a crypto business in Malaysia. The firm is partnering to set up what is known as “Huobi Labuan” in the country.

The main Admiral Market is a fully licensed company with the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the UK Financial Conduct Authority (FCA).

The company has also commented on the situation, informing the public that the cloned website does not have any link with them. Admiral Markets said it has been informed that a cloned site was claiming to function under the name Admiral Markets UK Ltd. Admiral Markets also revealed that the scammers responsible for the cloned site have been active on social media publishing ads and following up with users who registered with them.

The main company said it is not related nor associated with the cloned website and everyone should be aware and avoid it completely. It also revealed that it is cooperating with law enforcement and regulators to take care of the situation since the cloned website appears to be a fraud. Also, the main company’s authorization does not give it the right to delegate another entity to promote its products or services in Malaysia.

Other companies also blacklisted

Apart from the cloned Admiral Markets website, the SC has also blacklisted some crypto and FX firms believed to the operating without proper regulatory authorization. These firms include HM Wealth Management, Syarikat Tiens Syariah, Forex Islamic Account, as well as Pocket Option.

The regulator has warned citizens not to engage in any business dealings with the cloned service or invest in companies that are not dully registered or licensed by the SC.

The SC said anyone that is engaging in any business activity without getting the required license or validation from the watchdog is committing an offense. The regulator added that any convicted person or group could face up to ten years in prison.

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