Remitano has received fraud warnings from Malaysia and the UK.

Malaysia’s Securities and Exchange Commission (SEC)  issued a Remitano investor alert in April 2021.

The UK’s Financial Conduct Authority (FCA) issued a Remitano securities fraud warning in May 2024.

In addition to warning consumers about investing with Remitano, the Malaysian SEC also took steps to block Remitano nationally.

The SC views this transgression as serious and is working with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano’s website.

The regulator has also written to Google and Apple to disable the operation of Remitano’s mobile applications in Malaysia.

Operating a DAX without obtaining SC’s approval to be registered as a Registered Market Operator (RMO) is an offence under Section 7 of the Capital Markets and Services Act 2007.

If a person is convicted, he may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both.

Investors are urged to immediately cease trading through the platform and to withdraw all their investments before Remitano’s website is blocked and becomes inaccessible in Malaysia.

The FCA warns that Remitano

may be promoting financial services or products without our permission. You should avoid dealing with this firm.

Offering unregistered financial services violates UK financial law (securities fraud).

BehindMLM reviewed Remitano in June 2023 and took issue with its unregistered RENEC token investment scheme.

Remitano’s investment plans see affiliates click a button to invest cryptocurrency. This is done on the promise of a return, which affiliates can see accumulate in real-time.

Remitano’s staking is the usual “invest cryptocurrency on the promise of a passive annual return” affair.

Reminato’s lending platform sees affiliates invest in a lending ruse, again pitching various passive annual returns.

All three of Remitano’s investment schemes constitute securities offerings. In order to operate legally, Remitano has to register these securities offerings with financial regulators.

Nowhere on Remitano’s website does it provide evidence of having registered with financial regulators in any jurisdiction.

This means that at a bare minimum, Remitano is committing securities fraud and operating illegally.

In the interests of transparency, this article was preceded by Bryan from Remitano reaching out on April 11th.

Dear BehindMLM Team,

I am writing on behalf of Remitano regarding your article “Remitano Review: RENEC investment securities fraud” published on June 5, 2023.

Since 2014, Remitano’s mission has been to bring cryptocurrency closer to everyday users by providing a secure and easy‑to‑use platform, and our products have been positively received in many markets.

We wish to clarify that we do not operate on a Ponzi model; like many cryptocurrency exchanges, we use an affiliate program only as a marketing tool, rewarding referrals based on trading fees rather than recycled deposits.

Over the years, we have consistently invested in security and compliance, and Remitano has recently achieved a CryptoCurrency Security Standard (CCSS) Full System certification, aligning our practices with industry‑recognized security benchmarks.

In addition, we hold certain licenses or registrations in specific jurisdictions and continue to work with local authorities and partners to ensure regulatory alignment.

We are concerned that the article contains statements we believe are inaccurate or no longer current and that it includes personal information about individuals who are no longer involved in Remitano’s operations, which may negatively impact both the company and their private lives.

In a constructive spirit, we respectfully request that you consider removing the article or updating it to reflect accurate and up‑to‑date information about our business model, security posture, regulatory status, and current team.

We would be pleased to provide any supporting documentation you may require and are open to exploring potential collaboration opportunities, including advertising, in line with your policies.

Thank you sincerely for your time and consideration.

For context, the “individuals” Bryan avoids mentioning are Remitano co-founders Phuong Nguyen, Dung Huynh, Phuoc Nguyen and Tam Vo.

Bryan’s email read like a typical PR message; full of irrelevant waffle, light on specifics and failing to address concerns raised in BehindMLM’s review.

Not wanting to waste any time, later the same day I simply replied;

Hi Bryan,

Be specific. Thanks.

Instead of addressing concerns raised in BehindMLM’s Remitano review, Bryan replied on April 12th with a bribe offer;

Hi Oz,

Thank you for your message. Following up on our previous communication, we would like to address the specific concerns regarding the article “Remitano Review: RENEC investment securities fraud.” As mentioned, the content continues to impact our business reputation and the private lives of individuals no longer associated with the company.

In the interest of resolving this matter, could you please let us know if there is a specific fee or administrative cost required to have the post removed from your platform?

Thank you for your time and we look forward to your suggestion.

To which I replied later the same day;

BehindMLM stands by its research and doesn’t remove content.

You didn’t actually specifically address anything in the review. Whether Remitano’s securities fraud is impacting your business reputation” is not an editorial concern.

I also still don’t know which “individuals” you’re talking about.

What I have noted is Remitano securities fraud warnings issued by Malaysia and the UK.

I also note Remitano’s unregistered “liquidity” investment scheme is down for maintenance. And the unregistered “lending” investment scheme “will close on June 30, 2026.”

Can you confirm whether both investment schemes have collapsed? What is the specific reason for the liquidity “maintenance”?

Is there a pending regulatory enforcement action? Have funds been frozen/seized?

On April 14th, Bryan responded with the email he should have initially sent;

Hi Oz,

Thank you for your detailed reply and for clarifying your editorial position.

On the specific points you raised:

1. Malaysia and UK regulatory warnings

Malaysia currently has a very limited number of licensed digital asset exchanges and, in practice, only supports licensing for locally incorporated entities.

Remitano did not obtain a licence in Malaysia and, following the Securities Commission’s reprimand and inclusion of Remitano on its Investor Alert list, we promptly ceased offering services to Malaysian users and cooperated with requests to restrict access to our platform there.

Similarly, in the UK, Remitano is on the FCA’s warning list as an unauthorised firm, and we do not actively serve UK users or market our services in that jurisdiction.

We also note that we are not unique in being subject to warnings or access restrictions in Malaysia; other well‑known global crypto platforms have faced similar actions when operating without local authorisation.

 

2. “Securities fraud” / “unregistered” language

We fully respect the role of regulators and the media in warning users about unlicensed or higher‑risk services. Our concern is that the article’s repeated use of “securities fraud” and “unregistered” does not clearly distinguish between specific jurisdictions (e.g., Malaysia, UK) and our activities elsewhere, which can give readers the impression that Remitano is engaged in securities fraud or unlawful activity globally, rather than that we have been treated as an unauthorised operator in certain markets.

We believe it would be more accurate and fair to anchor those terms explicitly to the relevant countries and regulatory actions, instead of implying a universal status.

 

3. Individuals mentioned in the article

The individuals named in your article (including Dung and Tam) are no longer involved in Remitano’s operations. They are private individuals whose current professional and personal lives are unrelated to Remitano.

While we understand that you do not remove content, we respectfully ask that you consider removing or anonymising personal details that are no longer relevant to the current state of the business, in line with basic privacy and proportionality considerations.

 

4. Liquidity “maintenance” and lending closure

Regarding the “liquidity” feature: the current restriction you see (for example on BTC–USDT) is a risk‑management decision based on internal liquidity, market‑making and counterparty‑risk controls.

It is not the result of any regulatory enforcement action, nor an indication that the feature has “collapsed” or that user funds related to this feature have been frozen or seized. Please see attached.

 

5. Regarding the Lending feature:

It applies only to crypto assets (we do not support fiat lending).

We operate it only in regions where we either hold the necessary registrations/licences or where there is presently no specific local prohibition on such crypto lending products.

The notice that “The Lending feature on Remitano will close on Jun 30, 2026. Please repay loans and withdraw funds in time.” is a product‑lifecycle and risk‑management decision. It is not driven by any known finding that the feature violates local laws in any jurisdiction. We are winding down the product in an orderly way to ensure all users can fully repay and withdraw.

 

6. To answer your direct questions:

There is no pending regulatory enforcement action against Remitano that is causing the “maintenance” of the liquidity feature or the planned closure of the lending feature (beyond the historical Malaysia action referenced above, which has already been implemented by ceasing services there).

User funds have not been frozen or seized in relation to these features. Users continue to be able to repay, withdraw, and manage their positions as indicated in the product notices.

 

7. Security and compliance efforts

We continue to invest heavily in security and compliance, including obtaining a CryptoCurrency Security Standard (CCSS) Full System certification (Cert ID: 9.0‑CCSS.00003), which is publicly listed by the CryptoCurrency Certification Consortium.

While this does not replace local licensing requirements, it evidences our ongoing efforts to align our practices with recognised industry security benchmarks.

We fully accept that you may disagree with our characterisation, but we hope you will consider updating the review to better reflect the current reality and avoid unintentionally misleading users about our regulatory and product status.

We would genuinely appreciate any adjustments that ensure readers receive accurate, jurisdiction‑specific information.

– Title “securities fraud” / “unregistered” language explicitly to specific jurisdictions and regulatory notices (e.g., Malaysia SC, UK FCA),

– Clarify that certain products (liquidity, lending) are being restricted or wound down for internal risk and product‑lifecycle reasons, not because they have “collapsed” or due to frozen/seized funds, and

– Remove or anonymise individuals who are no longer part of Remitano.

We are also very open to further feedback from you on how we can improve both our products and our disclosures, and we are willing to provide additional information or clarification where needed.

To date, no user funds have been frozen or seized in connection with the issues discussed above; if you are aware of any specific case suggesting otherwise, we would be grateful if you could share the relevant details so that our team can investigate and, where appropriate, address the matter through our standard processes.

Thank you again for your time and consideration.

To which, on April 16th, I replied;

Hi Bryan,

1. So instead of registering in Malaysia and rectifying the fraud, Remitano just ceased offering its fraud in Malaysia but continued to offer unregistered securities elsewhere. Ditto the UK.

Ceasing to offer unregistered investment schemes in jurisdictions that issue investor warnings doesn’t rectify or legitimize the underlying securities fraud.

 

2. Just in case I wasn’t clear (I thought was pretty clear in the review), Remitano is committing securities fraud in every jurisdiction it offers passive returns investment schemes in (by any name).

In the US a security is identified through the Howey Test. Other countries might not explicitly use the Howey Test but securities with respect to unregistered investment schemes are defined the same.

Whether warnings have been issued against other fraudulent investment schemes does not justify Remitano’s securities fraud.

Feel free to provide audited financial reports (backdated to at least June 2023) and evidence Remitano has registered with SEC equivalents in every jurisdiction it solicits investment in.

Failing which, thank you for confirming Remitano’s ongoing securities fraud.

 

3. Phuong Nguyen, Dung Huynh, Phuoc Nguyen and Tam Vo are Remitano’s founders. Time doesn’t change that information.

That said, if any of the original co-founders have since cashed out and left the company, feel free to provide details of Remitano’s current ownership and executive structure.

 

4. So marketing waffle aside, new investment has dried up. Save us a bit of time and keep things simple, thanks.

 

5. BehindMLM’s review documented Remitano’s securities fraud. As previously stated, feel free to provide evidence of audited financial reports filed with regulators Remitano has registered with, backdated to at least June 2023.

There is no country on the planet that permits unregistered securities offering but only if investment is solicited in cryptocurrency.

 

6. What maintenance specifically are we talking about here? How long has this “maintenance” been going on for? How long is this “maintenance” expected to continue for?

Planned maintenance in the tech world is usually measured in minutes, perhaps hours. Any longer than that and it’s highly likely something is being covered up.

 

7. CCSS and other marketing BS is not a substitute for registering securities offerings with financial regulators and periodic audited financial reports.

This is a legal requirement that, as per financial law in every country with a regulated financial market, is non-negotiable in order for Remitano to legally solicit investment from consumers.

I will be putting together an article to note Remitano’s two securities fraud warnings. I’ll also be noting failure to produce evidence of registration with financial regulators and filing of audited financial reports if that is also the case.

Lucky for Bryan MLM news has been pretty heavy since the 16th so I’m only getting around to this article now. Funnily enough, Bryan has not responded to my April 16th response.

Suggesting Bryan might have been lying about pending regulatory action, or Remitano’s investment schemes did in fact collapse, today there is no public mention of Remitano’s investment schemes on its public-facing homepage.

One can however find reference to the collapsed “liquidity” (staking) scheme in Remitano’s website help guide:

Note the publication date of April 1st, 2026. Sometime between this guide being published on April 1st, Bryan emailing me on April 11th and me noting the scheme was frozen on April 12, Remitano quietly scrubbed mention of its unregistered liquidity “staking” scheme.

Between regulatory fraud warnings and Remitano’s dodgy behind-the-scenes shenanigans, avoiding the scam altogether seems like an obvious decision.

An October 2025 report from Vietnamnet Global noted Remitano was part of a Vietnamese crypto black market, responsible for “over $490 million” in consumer losses due to “online fraud”.

Whether Vietnamese authorities are investigating Remitano and its Vietnamese co-founders remains unclear.

A visit to Remitano’s social media feed reveals a marketing push targeting Nigerians:

From the March 31st profile photo rebranding noted above, Remitano’s marketing now features black influencers and stock photos featuring black people.

As of March 2026, SimilarWeb was tracking ~3800 monthly Remitano website visits.

Top sources of Remitano website traffic over the same period were Vietnam (91%) and the US (9%).

Whether Remitano’s push into Nigeria pays off and generates new victims remains to be seen.