1. The Central Bank of Myanmar released a notice on 24 May saying that CBM will take action against the unlicensed illegal digital currency trading and hundi activities and those who manipulate foreign currency, according to the provisions stated in the Money Laundering Law and Financial Institutions Law. Currently, it freezes bank accounts and opens files against those who fail to follow the notice.

2. Between 24 May to date, CBM temporarily froze 39 bank accounts and pay accounts, and authorities keep investigating those involved in the cases.

3. Therefore, people are urged not to engage in illegal digital currency trading and hundi transactions and not to face losses.

Central Bank of Myanmar

4 June 2024

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