Securities Commission Puts KuCoin On Its Latest Investor Alert List
Author Avatar

The Securities Commission of Malaysia (SC) has included cryptocurrency exchange KuCoin in its latest Investor Alert List (dated 4 October 2021), alongside several other entities.

According to the regulatory body, KuCoin was placed in the list for “operating a digital asset exchange (DAX) without registration”. To note, any DAX that wishes to operate within Malaysia must first obtain a licence from the SC to become a registered recognised market operator (RMO). As of now, there are only four RMOs that have been approved by the SC: Luno, MX Global, SINEGY Technologies, and Tokenize.

KuCoin’s inclusion in the list comes just a few months after the SC’s move to take enforcement actions against international DAX giant Binance back in July 2021. The cryptocurrency exchange – which had been on the SC’s Investor Alert List for a year by then (since July 2020) – was asked to disable its website and mobile app, cease all marketing activities, and restrict access to its Telegram group.

KuCoin has been operating for four years, and like other global digital asset exchanges, it has its own token, KuCoin Token (KCS) powering its network, as well as a wide range of tradeable cryptocurrency tokens, some of which are not offered on other exchanges. Its fees are also competitive, making it relatively popular with investors.

Prior to this latest alert by the SC, however, KuCoin has also had previous run-ins with several other governing or legal bodies. The High Court of Singapore was reported to have issued a temporary injunction against KuCoin to bar it from moving its assets back in 2020. More recently, the Ontario Securities Commission also said that it is taking action against a number of companies linked to KuCoin.

Aside from KuCoin, the SC’s updated Investor Alert List also include other new names such as Impiana Capital Financing Solutions (ICFS Group) and Robot Trading Sdn Bhd.

(Source: Securities Commission of Malaysia [1, 2])

5 1 vote
Article Rating


Comments (0)

Notify of
Inline Feedbacks
View all comments
Top Cryptocurrency Articles
Post Image
Winds Of Change For Malaysian Investors
Pang Tun Yau
- 1st October 2021
Times have certainly changed for Malaysian retail investors. In recent times, developments within the financial technology space has […]
Post Image
Binance Announces Measures In Malaysia Following SC Action
Pang Tun Yau
- 13th August 2021
Binance has finally announced that it will be taking several measures in a move to remain compliant with […]
Post Image
Job Listing For Binance Malaysia Country Manager Appears – Sign Of Things To Come?
Pang Tun Yau
- 5th August 2021
Job listings for various roles based in Kuala Lumpur for Binance have appeared in a few platforms online. […]
Post Image
MyEG Opens Registrations For First DeFi Product, Lock-Earn Wallet
Alex Cheong Pui Yin
- 12th August 2021
Less than a week after announcing that it will be launching Decentralised Finance (DeFi) products in Malaysia, MyEG […]

Related articles

Related Posts Image
Related Posts Image
Related Posts Image

Winds Of Change For Malaysian Investors

Jacie Tan -
2nd February 2021
Related Posts Image