Why Was Exness Banned in Malaysia?

I just got this information about the Exness Malaysia ban

Exness got into trouble in Malaysia for:

1. Carrying Out Unlicensed capital market activities of dealing in securities

2. Operating a High Yield Investment Program (HYIP)

See details here https://www.sc.com.my/investor-alert-list

Yes this is right. Malaysia licenses their own local brokers to offer trading in Equity Futures and doesn't recognize or license foreign brokers especially those linked to CFD trading like Exness.

Malaysia's central bank has also placed Exness and other CFD brokers on a consumer alert list so Malaysians are aware that they should not deal with them. https://www.bnm.gov.my/financial-consumer-alert-list

But I hope Exness is safe for Nigerian users? Because I see so many Nigerian traders using Exness so far.

In my opinion Exness in Nigeria is safe for use. Although they are not very transparent when it comes to their spread, but they can be trusted.

Don't trade with any unlicensed broker.

1. As per my search online, CFD brokers are banned in Malaysia, and it is not legal to trade forex via any online CFD broker. SC of Malaysia have published an investor alert list & most CFD brokers are on that list.

2. Plus, from what I see on their register page, Exness also does not accept Malaysian traders (screenshot, there is no Malaysia on selection of Country of Residence).

3. OP, in your screenshot, it is not Exness that is in their alert list. It is some scam/clone broker trading using Exness name. But it also does not mean that Exness is legal in Malaysia.

I suggest that one should avoid trading forex or CFDs if you are from a country where CFDs are banned & there are no licensed broker. Foreign/Offshore brokers, even if they are tier-1 regulated are still not legal. You will not get any investor protection of your funds.

Thanks mate!