Exposing Fraudulent Trading Platform AJCB Warned by Malaysia SC

Like the forex industry, the crypto space is rife with scams and investors need to exercise extra caution. Common scams in the crypto industry are phishing, pumps-and-dumps, rug pulls, crypto giveaway scams, and the most common fake trading websites in line with the forex sector.

Scammers usually create fake cryptocurrency trading websites or platforms and use unethical tactics via social media to draw customers to their platforms.

The scam BrokersView is exposing in this piece is the fake cryptocurrency investment platform, AJCB. Recently, a customer complained that the platform rejected his withdrawals, resulting in a loss of RM30,000.

Not unlike most of the investment scams that have been previously exposed, the client received unnamed messages about cryptocurrency investments on Telegram and expressed interest in investing as she already had some prior knowledge of cryptocurrency trading.

After the fraudster explained their trading platform, the client agreed to join and started trading on her own. 

However, after depositing RM30,000 on the fraudulent platform, she realized that the withdrawal process could not proceed and the system denied her withdrawal.

BrokersView Reminds You

AJCB was warned by the Securities Commission Malaysia in 2023 for carrying on capital market activities of dealing in securities without a license. The regulator also noted that the platform is a possible clone of a legitimate trading website and operated an illegal investment scheme.

Both websites associated with the trading platform have now been shut down.

BrokersView would like to continue to emphasize the importance of ignoring unsolicited investment information and verifying the legitimacy of trading platforms.