Crypto Scams in Malaysia
Malaysia's growing crypto adoption is targeted by unlicensed exchanges, pig butchering scams, and fake mining platforms promoted through Malaysian social media and messaging apps.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Malaysia's Securities Commission (SC) licenses and regulates cryptocurrency exchanges, but a large volume of Malaysians interact with unlicensed platforms — many of which are fraudulent. The SC maintains a list of unauthorised platforms and investment schemes, updated regularly, but consumer awareness of this resource is uneven.
Pig butchering scams in Malaysian Mandarin- and Bahasa Malaysia-speaking communities have increased significantly, often originating from criminal operations in Myanmar and Cambodia that recruit Malaysian-speaking operators.
How this scam works on Malaysia
Unlicensed crypto exchange scams in Malaysia present as professional platforms with Malaysian company names and local ringgit deposit options. Victims deposit via Malaysian banking apps, see apparent crypto balances, and then face withdrawal fees that escalate until the platform disappears.
Crypto mining investment scams offer Malaysians shares in mining operations, promising passive income from hash power. The promised returns are unrealistic and the 'mining operation' does not exist — it is a Ponzi structure funded by new investor deposits.
Fake airdrop and token launch promotions use WhatsApp and Telegram to reach Malaysian crypto communities, offering free token allocations to users who send a small amount of cryptocurrency to 'verify' their wallet address. The verification requirement is a pretext for extracting funds.
Common red flags
- Crypto platform not listed on the Securities Commission's list of registered digital asset exchanges
- Crypto mining investment promising fixed daily or monthly returns
- Token airdrop that requires sending cryptocurrency to claim free tokens
- WhatsApp or Telegram group for Malaysian crypto investors recommending a specific platform
- Platform withdrawal blocked pending a 'tax clearance' or 'security deposit'
How to protect yourself
- Use only SC-registered digital asset exchanges — the list is at sc.com.my
- Report unlicensed platforms to the SC at sc.com.my/contact
- Do not participate in mining investments without verifying the company's registration with SSM and SC
- Report to CCID Polis DiRaja Malaysia and Cybersecurity Malaysia
How to report it
- Report to the Securities Commission at sc.com.my/contact
- Report to PDRM CCID at ccid.rmp.gov.my
- Contact your bank immediately if ringgit or cryptocurrency was transferred
Frequently asked questions
How do I check if a crypto exchange is legal in Malaysia?
Check the Securities Commission Malaysia's list of registered digital asset exchanges at sc.com.my. Only use exchanges on this list for trading cryptocurrency in Malaysia. Any exchange not on this list is operating without authorisation and may be fraudulent.