KUALA LUMPUR: The Securities Commission (SC) has issued a cease and desist order to RimauSwap for operating a Decentralized Exchange (DEX) without authorisation from the SC.

       The regulator will also seek the assistance of the Malaysian Communications and Multimedia Commission to block RimauSwap’s website and it has been placed on the SC’s Investor Alert List.

       DEX is a peer-to-peer exchange that allows individuals to swap digital assets directly with one another without an intermediary. Transactions in these exchanges are operated through an automatic protocol mechanism known as smart contracts.

       The SC has not authorised any DEX operators in Malaysia and warns all unregistered DEX operators in the country to immediately cease their activities.