Bitcoin and other cryptocurrencies’ trading capacities have gained a significant rise and popularity around the globe. As they become more mainstream in public, there has been a huge rise in cryptocurrency schemes and investment scams in Malaysia, particularly. After all, cryptocurrencies are appealing to scammers for the same reason it’s attractive to you: it’s fast, it’s international, and it’s a new trend.

As Bitcoin and other cryptocurrencies usage continue to grow, we see more and more scammers disappear with user funds. Therefore, how should we be more mindful of these potential risks of investing in digital currencies? If you’re still determined to invest, here's a guide to help you be more vigilant when it comes to bitcoin and other cryptocurrencies.

BN’s Financial Consumer Alert List & SC Malaysia Investor Alerts
Scammers have found various creative ways to set up a scam business; it is best to do your research and investigation before buying or investing. These two websites have a list of illegal sites and companies that are not approved under securities laws in Malaysia. So before you buy or spend in cryptocurrencies, protect yourself by browsing through these public lists. There’s a reason these records are open to the public.

Securities Commission Malaysia: unauthorised-websites- investment-products- companies-individuals/#b
Bank Negara Malaysia:

ICO scams
Just a few months ago, the Securities Commission Malaysia cautioned investors to be mindful over the emergence of digital token fundraising activities or investment schemes in Malaysia. So, here’s a short list of what you should do to avoid ICO scams:

  • ● Always ask for a proof of ownership and their public address
  • ● Look for a white paper content
  • ● The token does not have a clear use case
E-wallet scams
Many websites claim to be bitcoin wallets, so it is best to be aware which cryptocurrency wallets are authentic or fake. Therefore, here's a short list of what you should look out for:
  • ● Make sure you can verify the identity of the employees/owners through employment websites like LinkedIn.
  • ● It is important that these e-wallet companies are mentioned in reputable local or international news publications.
  • ● Never share confidential information such as passwords, one-time passwords, and PINs with anyone.
If you have any questions, don’t hesitate to reach out to us at


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