In Malaysia Crypto Trading Now Required Customer ID

New policies for crypto exchanges developed by Malaysia's Central Bank is now the law of the land  
01 March 2018   448

According to the announcement, the new "Anti-Money Laundering and Counter Financing of Terrorism Policy for Digital Currencies" entered into force. As it is indicated in the published policy  documentation, the rules will affect all activities performed by cryptocurrency exchanges that offer both fiat-to-crypto and crypto-to-crypto trading services.

This policy followed months of public consultation. In December, draft rules were published by officials from the central bank. According to the policy, exchanges must check and collect information about the customers who are using their trading platforms more carefully.

The policy document states that institutions are required to conduct customer due diligence on all customers and the persons conducting the transaction when the reporting institution established business relationship with a customer, and when the reporting institutions have any suspicion of money laundering or terrorism financing.

The required data must include the customer's full name, their address and date of birth, as well as information about the purpose of their transactions.

At the same time, the central bank stressed that this policy doesn't represent any kind of endorsement from them nor does it mean that officials are moving to consider cryptocurrencies a form of legal tender in Malaysia.

Turkish Crypto Founders robbed Investors for Millions

Turkish residents became the victims of huge scam: Turcoin, “national” digital currency, was founded to be a Ponzi scheme, its founders ran away with money
19 June 2018   42

As claimed in the Turkish Minute, the founders are supposed to have cheated about 10,000 investors for at least 100 million Turkish lira (around $21 million). Nevertheless, the Ahval News informed the stolen amount to be 1 billion Turkish lira ($212 million), making it one of the largest scams to date.

The coin was ran by the firm Hipper, placed in Istanbul. The exchange was established by Muhammed Satıroğlu and Sadun Kaya last year. They organized a massive marketing campaign for the promotion of the coin and arranged the parties attended by many Turkish celebrities. The word about the cryptocurrency exploded as the firm gave away luxury cars to its early adaptors in October last year.

The business model of the coin has likeness with classic Ponzi schemes as the organization was rewarding the existing investors who were attracting new participants. The suspicion for the model increased over time and shadiness of its business were affirmed as the company ceased paying bonuses from early June.

I was only a mediator. Our company Hipper does not even have a single dollar in the bank. All the money went to Sadun Kaya’s company in Cyprus. I have not fled with the money. I will return all the money to the members if authorities unblock my bank accounts.
Muhammed Satıroğlu
Stakes Owner, 49 Percent of Hipper

The real causer seems to be Sadun Kaya, the majority partner of Hipper, who stopped answering phone calls of his business partners.