Many friends playing currency in Malaysia,
recently share a common fear: "Withdrawal" 💢

In the past, we sold USDT,
what we worried about was whether the exchange rate was good;
Now we sell USDT,
what we worry about is whether the police will knock on the door tomorrow,
or if the bank card will suddenly become a piece of useless plastic (in NSRC)

If you still think "I am just buying and selling normally,
the police won't arrest me" or
"I didn't know that was dirty money,
I am innocent",
then you must spend 10 minutes to read this long article.
In 2024, Malaysia amended the laws,
the rules of the game have completely changed.

📌 To put it simply: you might be helping a "robber or fraudster" launder money.

To help you understand why the bank might freeze your account,
Let's start by using an example.

Imagine this:
A robber stole a passerby's wallet.
(There is RM1,000 in cash inside).
The robber was afraid that if the police caught him, they would find he had stolen money on him.
So he went into a mobile phone store.
He said he wanted to buy a used iPhone.

You happen to be the owner of that mobile phone shop.
You accepted this RM1000,
I gave him the phone.
You believe you're doing legitimate business, right?

But in the eyes of the police:
The "stolen money" in the robbers' hands has now been transferred to your drawer.
Robbers passed through your store,
They turned "stolen goods" into "legal commodities" (mobile phones).
Tracing the source of this money,
Ultimately, the chain of evidence will point to your store.

In P2P transactions,
You're the owner of that mobile phone shop.
And USDT is that phone.
The person who transferred the money to you,
They may have just swindled an old lady out of her pension.
When the old lady called the police
Banks and police track the flow of funds.
The first stop is your account.
(However, NSRC can affect multiple layers.)

📌New Laws in 2024: Three Swords Hanging Over Players' Heads
Previously, if you received dirty money,
You can also explain to the police:
"I sell cryptocurrency; I didn't know the money was illicit."
"The police might just check and let you go."

But starting in July 2024,
Malaysia has passed a criminal code.
Amendments to the Code of Criminal Procedure
Articles 424A, 424B, and 424C have been added.
These three laws,
It's practically tailor-made for "money mules" and "unexplained transactions."

🚦1. Section 424A: Holding another person's account
If you have someone else's bank card in your hand,
Or manage other people's accounts (such as some P2P merchants collecting and paying on behalf of others).
As long as you cannot provide a legitimate reason:

Minimum fine: RM 5,000 (maximum fine: RM 50,000)
Minimum imprisonment: 6 months (maximum 5 years)
Or a combination of both.

🚦2. Section 424B: Surrender of personal accounts (money mule behavior)
This is aimed at those who "lend their cards to others for a few hundred yuan reward," or those who, in P2P transactions, allow strangers to freely access their accounts for convenience:

Minimum fine: RM 10,000 (maximum fine: RM 100,000)
Minimum imprisonment: 1 year (maximum 7 years)
Or a combination of both.
If you hand over your account to someone else, you'll face at least a year in jail!

🚦3. Section 424C: [The most terrifying section] Transactions without a lawful purpose
This is specifically designed to combat money laundering networks.
It is also the most damaging to P2P players:
Even if you are using your own account,
But if you cannot prove that this transaction has...
"Lawful Purpose"? You're committing a crime!

⚠ Legal Red Line:
In Malaysia, only Luno, Hata, etc.
Only trading on platforms regulated by the Securities and Futures Commission (SC) is considered fully legal.
The P2P you play on international platforms (such as Binance, OKX)
It is difficult to prove its "legitimacy" from a legal perspective.

Penalty: Starting from 3 years imprisonment (maximum 10 years).
Or a hefty fine of RM 10,000 to RM 150,000.
Or a combination of both.

⚠Disclaimer: The above content is for reference only.
This does not constitute legal advice; please consult a professional lawyer for specific cases.

📌Why was your household registration "permanently" frozen?
Many people thought the freeze was only temporary.
They'll open it once the police have investigated.
Wrong! Under the current system, the consequences are far more serious than you think.

1. NSRC (National Fraud Response Center)'s "One-Click Blocking"
If the money you received involves fraud.
Once the victim dials 997,
The NSRC has the authority to act without a court order.
He directly ordered the bank to freeze all accounts to which the funds were flowing.

2. The "collective punishment" effect (IC linkage)
The bank will not freeze only the account that receives your money.
The banking systems in Malaysia are now interconnected.
Once your name is added to the Mule Account list,
All banks under your name (Maybank, CIMB, PBB, etc.)
Their household registrations may be restricted or even forcibly closed.

3. Lifetime blacklist
Once you are classified as a "high-risk customer" or "money mule" by a bank, you may face the following consequences:
Unable to open an account with any bank in Malaysia.
Unable to apply for a loan (forget about buying a car or a house).
Unable to apply for a credit card.
Your credit history (CCRIS/CTOS) will be tarnished for life.

📌What do the "landmines" in P2P transactions look like?
If you're still using P2P lending and see the following, please run away immediately:

⚠Third-party payment:
The buyer's name is "A-Qiang".
But he asked "Ahua" to transfer the money to you.
Absolutely do not accept this! It's 99.9% black money.

⚠The temptation of prices higher than market value:
The market exchange rate is 4.10.
He insists on buying your USDT at 4.50.
Why?
Because the money in his hands was a "hot potato".
He's eager to launder money through you.

⚠Newly opened account/Strange notes:
An account that was just registered a day or two ago.
Alternatively, you can write "Crypto" or "Investment" in the transfer remarks.
This is a direct message to the banking system: "Block my account now!"

📌What should I do if my account is unfortunately frozen?
What if you find that your household registration is no longer valid?
Don't panic, follow these steps:

Step 1: Contact the bank.
Inquire about the reason for the freeze.
And obtain the Police Report Number.
And the address of the police station in charge of the investigation.

Step 2: Organize the evidence.
Print out all screenshots of this P2P transaction.
(Order number, chat history, buyer's real-name information, timestamp of coin release).

Step 3: Proactively contact the investigating officer (IO).
Take the evidence to the police station to explain.
Remember, you have the right to remain silent.
But you must provide evidence to prove that you are engaging in "legitimate transactions" rather than "professional money laundering".

Step 4: Find a lawyer.
If the amount is huge
Or the police might mention Section 424C.
Please make sure to have a lawyer accompany you.
This is no longer a simple civil dispute, but a criminal case.

📌Summary: How to safely "survive" in the crypto world?
As a cryptocurrency player in Malaysia, please remember these survival rules:

🚩Prefer regulated platforms:
Since Malaysia already has regulated platforms such as Luno, Hata, and Tokenize,
For large withdrawals, please use these channels.
Although the exchange rate is worse, it's "white money," which will allow you to sleep soundly.

🚩Strict real-name registration required:
In P2P transactions,
We must adhere to the principle of "whoever places the order pays".
The payer's name must be 100% consistent with the real name registered on the platform.
(However, P2P merchants generally don't use their own accounts.)

🚩Small batches:
Avoid making large deposits or withdrawals at once.
This will trigger the bank's anti-money laundering (AML) alert.

Keep the bill:
Every transaction,
Whether buying or selling,
Keep the screenshots for at least two years.

The original intention of digital currency was freedom.
But freedom is contingent on security.
In the context of Malaysia's crackdown on fraud in 2024,
Don't be tempted by a small exchange rate difference.
He ruined his promising future!

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Disclaimer: The above content is for reference only.
This does not constitute legal advice; please consult a professional lawyer for specific cases.