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GrabPay warns users not to buy cryptocurrency and virtual assets with their eWallet

Grab has pushed out a notification recently to remind its users that transactions, fund transfers and purchases made via GrabPay to unauthorised or unlicensed platforms are strictly prohibited. The announcement appears to have been made after Binance, a cryptocurrency platform, had announced that eWallets can be used to buy cryptocurrency such as Bitcoin through its peer-to-peer (P2P) platform.

Grab has also provided a link to Securities Commission (SC) Malaysia’s investor alert list which contains a list of unauthorised websites, investment products, companies and individuals. As revealed last year, Binance is operating without authorisation from SC. At the moment, SC has granted Recognised Market Operator (RMO) licence to 3 platforms – Luno, Sinegy and Tokenize.

According to Grab’s Terms of Service, there’s actually a list of prohibited transactions for its GrabPay eWallet. Under section 8 (Acceptable Use Policy), users are not allowed to use the GrabPay Wallet for Cryptocurrency, Bitcoin, online currency, gaming coins, online gold and similar virtual assets.

The list of prohibited activities cover illegal transactions such as pornography, weapons, wildlife and more. Interestingly, transactions for airlines of all kind including but not limited to commercial airlines and low-cost carriers are also not allowed. Oddly, transactions involving alcoholic products and beverages, healthcare, pharmaceuticals, supplements, nutritional products are also not allowed under its use policy.

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Alexander Wong