In Malaysia, three cryptocurrency exchanges have demonstrated their commitment to legitimate operations, registering with the Securities Commission, while in Poland an exchange suddenly closed and disappeared with customer funds.

Malaysia: 3 crypto exchanges go legit

According to an official 4^th June press release, The Securities Commission Malaysia (SC) has registered its first three crypto exchanges: Luno Malaysia, Sinegy Technologies and Tokenize Technology.

Since the introduction of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 on 15 January 2019, all Malaysian crypto exchanges have been required to register with the Securities Commission.

Approved businesses have nine months to meet the SC’s compliance standards, and unapproved exchanges have been ordered to cease operations immediately and return all monies and assets to investors.

Meanwhile, in Poland…

At the other end of the spectrum, Poland-based exchange Coinroom abruptly ceased operations and appears to have done a runner with customers’ funds.

According to local site Money.pl, Coinroom, which was established in 2016, shut down in April, giving customers just one day to withdraw their funds, before disappearing into the night with the rest.

Apparently, the company claimed that the 1-day notice period was within its user agreement – something which seems outrageous to say the least. Even more outrageous is the fact that many customers, even the ones who tried to withdraw within the window, have had their funds stolen.

Some customers claim to have lost up to $15,000 worth of assets, and a spokesman for the District Prosecutor’s Office in Warsaw has confirmed proceedings are underway against Coinroom. The charges relate to carrying out unauthorised payment services activities.

Needless to say, the exchange’s social media accounts have also been closed.

AYO.NEWS says:

Its good to see several exchanges underlining their commitment to compliance and legitimate operations in Malaysia, though the Coinroom disgrace is yet another reminder there are still a few dodgy operators out there. As time goes by though, the wheat is getting sorted from the chaff.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.