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Seize Malaysia has warned customers that transactions, fund transfers, and/or purchases made through GrabPay to unauthorised or unlicensed platforms are strictly prohibited. It added in a notification that motion shall be taken for non-compliant transactions. Part eight of GrabPay’s Phrases of Service states the kind of transactions prohibited by the platform, together with transactions which violating any regulation, statute, ordinance or regulation.
A examine by A+M discovered that among the many particular checklist of prohibited transactions embrace cryptocurrency, bitcoin, on-line forex, gaming cash, on-line gold and comparable digital property; branded, trademarked or copyrighted items of any sort except the vendor is the mental property/copyright holder or licensee; monetary providers of any sort; in addition to sale of social media exercise and click on farms.
GrabPay must also not be used for healthcare, prescription drugs, dietary supplements, dietary merchandise of any sort; alcoholic merchandise and drinks; in addition to occasion planning and associated providers.
The notification additionally included a hyperlink to the Securities Fee Malaysia, indicating an inventory of unauthorised web sites, funding merchandise, corporations and people. The checklist covers individuals misusing SC’s brand and misrespresenting the fee, finishing up regulated actions corresponding to funding recommendation and monetary planning with out a licence from the SC, in addition to individuals issuing or providing securities with out approval, authorisation or recognition. Crypto buying and selling platform Binance was included within the checklist final yr for finishing up unlicensed capital market actions.
Photograph courtesy: 123RF
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