Fintechnews.my : Meet the 9 Cryptocurrency Exchanges in Malaysia Registered with BNM (bitcoin)
Bank Negara Malaysia has published the list of cryptocurrency exchanges in Malaysia that has registered itselves as a reporting entity with the regulator. This follows our report issuance of the policy paper titled “Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies (Sector 6)”.
While these entities are registered with the central bank we would like to reiterate as we did in our previous articles that, Bank Negara Malaysia emphasises in this policy paper that reporting organisations i.e exchanges are not allowed to portray itself as a licensed entity under the central bank though they have reporting obligations to the regulator.
Investors in cryptocurrencies should also be mindful that since these exchanges are only reporting entities and not regulated entities, there will be no elements of consumer protection the will be no formal channels in which investors can seek redress should there be any losses incurred when dealing with cryptocurrencies.
The regulation also does not address cyber-security aspects, which means if any losses were to be incurred due to hacks, it is likely that Bank Negara won’t be able to intervene and protect the consumers. The policy paper and having exchanges report to Bank Negara Malaysia is only primarily geared at preventing money laundering and terrorism financing.
With that out of the way, let us have a look at some of the cryptocurrency exchanges in Malaysia registered with Bank Negara Malaysia.
Registered Name: BXM Sdn Bhd
Website: https://www.exchangemalaysia.io/
Traded Cryptocurrency: Bitcoin, Ethereum
Registered Name: Chako Global Sdn Bhd
Website: https://www.coinhako.com/
Traded Cryptocurrency: Bitcoin, Ethereum
Registered Name: PinkEXC (M) Sdn Bhd
Website https://www.pinkexc.com/
Traded Cryptocurrency: Bitcoin, Ether, Litecoin, Dashcoin, Dogecoin
Registered Name: BitX Malaysia Sdn. Bhd.
Website: https://www.luno.com/en/
Traded Cryptocurrency: Bitcoin, Ether, Bitcoin Cash (According to their registration on BNM)
Registered Name: Everus Technologies Sdn. Bhd.
Website: www.everus.org
Traded Cryptocurrency: Bitcoin, Ethereum, Litecoin, EVR
Registered Name: Xbit Asia Sdn. Bhd.
Website: http://www.xbitasia.com/
Traded Cryptocurrency: Bitcoin
Registered Name: Shaneja Capital Sdn. Bhd.
Website: https://mumain.io/
Traded Cryptocurrency: Bitcoin, Ethereum
We’re certain as time progresses more companies will be registered in Bank Negara list of reporting entities and we’ll keep our readers posted when there are more developments, if you’re interested to read Luno’s official press statement on being a reporting entity you can also check it out here.
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