To date, the SC has initiated several actions and interventions against Hap2py, including placing them on the SC’s Investor Alert List, blocking its multiple websites and issuing a cease-and-desist notice.
Despite these efforts, the SC notes that Hap2py continues to solicit Malaysian investors through various means, including via variations of its website
1 as well as social media advertisements. In addition, there have been numerous queries and complaints against this entity from the public.
The SC will not hesitate to take further and/or any other appropriate actions including enforcement actions as it views this non-compliance seriously.
Hap2py is not an authorised Recognised Market Operator (RMO). It is currently operating a P2P platform without first obtaining the SC’s authorisation as an RMO, which is an offence under Section 7(1) (e) read together with Section 34 of the Capital Market Services Act 2007.
If convicted, the person or entity may be liable to a fine not exceeding RM10 million or imprisonment for a term not exceeding ten years, or both.
As such, the SC strongly urges investors and those seeking to raise funds to not deal with or invest through Hap2py.
The SC reiterates the importance of only trading with RMOs that are registered and authorised by the SC. This is as registered RMOs have undergone regulatory scrutiny and are required to strictly adhere to guidelines so that investors are protected under Malaysia’s securities laws.
Investors who deal with unlicensed or unauthorised entities are vulnerable to various risks, including fraud and scams. In the event of a dispute, investors will not be able to seek legal recourse.
Currently, there are 12 registered RMOs for P2P as
listed here and they are the only platform operators allowed to operate a P2P in Malaysia.
Investors are urged to verify the legitimacy and status of individuals or companies offering investing opportunities, particularly those that promise high returns with little or no risks, via the SC’s
Investor Alert List.
