Grab MY cautions users of buying cryptocurrency and bitcoin via GrabPay

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Grab Malaysia has warned users that transactions, fund transfers, and/or purchases made via GrabPay to unauthorised or unlicensed platforms are strictly prohibited. It added in a notification that action will be taken for non-compliant transactions. Section eight of GrabPay's Terms of Service states the type of transactions prohibited by the platform, including transactions which violating any law, statute, ordinance or regulation.

A check by A+M found that among the specific list of prohibited transactions include cryptocurrency, bitcoin, online currency, gaming coins, online gold and similar virtual assets; branded, trademarked or copyrighted goods of any kind unless the seller is the intellectual property/copyright holder or licensee; financial services of any kind; as well as sale of social media activity and click farms.

grabpay warning 1

GrabPay should also not be used for healthcare, pharmaceuticals, supplements, nutritional products of any kind; alcoholic products and beverages; as well as event planning and related services.

The notification also included a link to the Securities Commission Malaysia, indicating a list of unauthorised websites, investment products, companies and individuals. The list covers persons misusing SC's logo and misrespresenting the commission, carrying out regulated activities such as investment advice and financial planning without a licence from the SC, as well as persons issuing or offering securities without approval, authorisation or recognition. Crypto trading platform Binance was included in the list last year for carrying out unlicensed capital market activities.

Photo courtesy: 123RF

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