CBM Announcement: Cracks down on illegal online currency exchange

The Central Bank of Myanmar announced on Saturday that it has taken action against sixteen Facebook Pages engaged in illegal online currency exchange activities without proper licensing.

In response to these illicit operations, the Central Bank has initiated negotiations with the central banks of foreign countries to address the illegal activities occurring outside of Myanmar.The Central Bank emphasized its commitment to monitoring and addressing these violations in collaboration with law enforcement and regulatory organizations to uphold the rule of law.

The public is advised to conduct currency exchanges exclusively through licensed institutions.Individuals and entities engaging in unauthorized currency exchange on Facebook and other internet platforms will face legal action under Section 38 and Section 42 of the Foreign Exchange Management Law, as well as applicable sections of the Penal Code.