Malaysian Watchdog Warns of Admiral Markets Clone

Malaysia’s financial regulator has backlisted yet another group of FX and investment websites, citing their brands are not authorised to operate in the country.

The most notable addition to the warning list of the Securities Commission (SC) is a clone firm that was apparently claiming affiliation with Admiral Markets, a multi-regulated FX and CFDs brokerage firm.

The original Admiral Markets is licensed by the UK ‎Financial ‎Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term). The regulatory approvals allow the brokerage firm to offer a set of financial services and ‎also approved to ‎provide cross-border services across the EU / EEA under ‎European passport rights.‎

However, Admiral Markets’ European authorisation does not entail passporting rights to promote its products in Malaysia.

Elsewhere, the Securities Commission (SC) has red-flagged a set of FX and crypto firms including Pocket Option, Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Islamic Account, Syarikat Tiens Syariah and HM Wealth Management.

Huobi Gets approval to Operate in Malaysia

The watchdog advises its citizens not to make use of such services nor to make any investment with companies or individuals that are not approved or licensed by the SC.

Anyone who engages in regulated activities without a valid license or registration from the SC is committing an offence under the Capital Markets and Services Act 2007. If convicted, they may be punished with imprisonment of up to ten years and fined.

However, Malaysia is bracing for the arrival of crypto businesses. Earlier in November, the country’s financial watchdog allowed cryptocurrency exchange, Huobi, a former ‘big three’ platform, to launch regulated services in Malaysia through a local partnership model. Named ‘Huobi Labuan,’ the company has received a digital asset trading brokerage services license in September.

After the initial filing, they get up to nine months to meet the SC’s regulation standards, during which the exchange is permitted to provide spot and derivatives trading services.

Malaysian law requires cryptocurrency exchanges to register as Digital Assets Exchanges with the SC. Following a nine-month-long probationary period, Huobi Labuan would be eligible to receive full approval from the local securities watchdog.