{"investigation":{"slug":"remitano","entity_name":"Remitano","trust_score":28,"severity_base":null,"score_modifier":0,"confidence":0.82,"status":"published","content_type":"investigation","summary":"Remitano is a peer-to-peer cryptocurrency exchange operated by Babylon Solutions Limited, incorporated in Seychelles and active since 2015. The platform suffered a confirmed hot wallet hack in September 2023 resulting in approximately $2.7 million in losses, with the Lazarus Group (North Korea-linked) alleged as a probable suspect. Regulatory authorities in Malaysia, the United Kingdom, and Seychelles have issued warnings or taken enforcement actions against Remitano for operating without authorization, and the operating entity Babylon Solutions Limited was dissolved and struck off as of January 1, 2023.","sections":[{"content":"On September 14, 2023, at approximately 12:45 p.m. UTC, the Remitano exchange's hot wallet labeled 'Remitano 2' began transferring funds to an externally owned address with no prior transaction history. Blockchain security firm Cyvers Alerts detected the suspicious activity within seconds of the first transaction. Approximately $1.4 million in Tether (USDT), $208,000 in USD Coin (USDC), and 104,000 Ankr tokens (valued at approximately $2,000) were drained in two transactions on the Ethereum network, totaling roughly $2.7 million across multiple chains including TRON. Remitano subsequently stated the breach was likely caused by a third-party data leak that exposed sensitive information, possibly including private keys. Tether Ltd. cooperated with Remitano and froze the attacker's address, recovering approximately $1.4 million in USDT on Ethereum and $537,000 in USDT on TRON, leaving an estimated net loss of around $760,000 unrecovered. The exchange transferred remaining user funds to cold storage and suspended certain platform functions while investigating the incident. Some security analysts have alleged the attack bore hallmarks consistent with the Lazarus Group, a North Korea-linked cybercrime organization that was active in targeting centralized exchanges during the same period, though no official attribution was formally confirmed specifically to Remitano. The attack occurred just three days after a similar hack of the CoinEx exchange, also attributed by investigators to the Lazarus Group.","heading":"Security Incident: September 2023 Hot Wallet Hack","sources":[{"url":"https://coinjournal.net/news/breaking-crypto-exchange-remitano-hacked-for-over-2-7-million/","name":"coinjournal.net","type":"other","credibility":3},{"url":"https://www.halborn.com/blog/post/explained-the-remitano-hack-september-2023","name":"halborn.com","type":"other","credibility":3},{"url":"https://cyvers.ai/blog/how-cyvers-vigilens-stopped-a-2-7-million-cryptocurrency-hack-at-remitano","name":"cyvers.ai","type":"other","credibility":3},{"url":"https://cryptonews.com/news/remitano-crypto-exchange-faces-possible-hack-27-million-withdrawn-suspicious-transactions/","name":"cryptonews.com","type":"other","credibility":3},{"url":"https://coin360.com/news/crypto-heists-coinex-remitano-lazarus","name":"coin360.com","type":"other","credibility":3},{"url":"https://www.mariblock.com/stories/remitano-crypto-exchange-hacked-for-2-7-million-narrowly-avoids-1-4-million-tether-loss","name":"mariblock.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Remitano has been the subject of multiple formal regulatory actions across several jurisdictions. In April 2021, the Securities Commission Malaysia (SC) reprimanded Remitano for operating a digital asset exchange without SC authorization, in violation of Section 7 of the Capital Markets and Services Act 2007. The SC added Remitano to its official Investor Alert list, worked with the Malaysian Communications and Multimedia Commission (MCMC) to block Remitano's website, and wrote to both Google and Apple requesting the removal of Remitano's mobile applications from Malaysian app stores. The SC warned that conviction under the violation could result in fines of up to RM10 million and/or imprisonment of up to ten years. On February 5, 2024, the United Kingdom's Financial Conduct Authority (FCA) added Remitano to its warning list of unauthorized firms, noting the platform may be 'promoting financial services or products without FCA permission' and may be targeting UK residents. FCA-listed unauthorized firms are not covered by the Financial Ombudsman Service or the Financial Services Compensation Scheme, meaning UK users have no recourse if funds are lost. On May 20, 2025, the Financial Services Authority (FSA) of Seychelles — where Remitano's operator Babylon Solutions Limited was incorporated — issued a public warning stating that Remitano 'does not, nor has it had any authorisation to operate under the Virtual Asset Service Providers Act, 2024.' The FSA also disclosed that Babylon Solutions Limited had been struck off and dissolved as of January 1, 2023, making it no longer a legal entity. Remitano and Babylon Solutions Limited also appear on the IOSCO Investor Alerts Portal, reflecting the aggregate of these multi-jurisdictional regulatory actions.","heading":"Regulatory Actions and Investor Warnings","sources":[{"url":"https://www.sc.com.my/resources/media/media-release/sc-reprimands-remitano-and-seeks-to-block-access-to-its-website","name":"sc.com.my","type":"other","credibility":3},{"url":"https://soyacincau.com/2021/04/16/remitano-bitcoin-trading-blocked-in-malaysia-not-authorised-securities-commission/","name":"soyacincau.com","type":"other","credibility":3},{"url":"https://www.fca.org.uk/news/warnings/remitano-https-remitanocom-home-gb","name":"fca.org.uk","type":"other","credibility":3},{"url":"https://fsaseychelles.sc/media-corner/regulatory-updates/warning-unauthorised-activity-under-the-virtual-asset-service-providers-act-2029","name":"fsaseychelles.sc","type":"other","credibility":3},{"url":"https://www.iosco.org/investor_protection/?subsection=investor_alerts_portal&id=30608&entity=Babylon-Solutions-Limited/-Remitano.com","name":"iosco.org","type":"other","credibility":3},{"url":"https://behindmlm.com/companies/remitano-fraud-warnings-from-malaysia-uk/","name":"behindmlm.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Remitano is operated by Babylon Solutions Limited, a company that was incorporated as an International Business Company in Seychelles. According to the FSA of Seychelles, Babylon Solutions Limited was struck off and dissolved effective January 1, 2023. Despite the dissolution of its operating entity, the Remitano platform has continued operating. The FSA's May 2025 warning explicitly identifies the platform as operating without authorization. The company does not appear to have transferred its operations to a new registered legal entity under any disclosed jurisdiction. No publicly verifiable information on named founders or executives has been identified through major news or regulatory sources as of this investigation. The platform is listed on BrokerChooser as not a safe and trusted choice due to its unregulated status.","heading":"Corporate Structure and Legal Entity Status","sources":[{"url":"https://fsaseychelles.sc/media-corner/regulatory-updates/warning-unauthorised-activity-under-the-virtual-asset-service-providers-act-2029","name":"fsaseychelles.sc","type":"other","credibility":3},{"url":"https://www.iosco.org/investor_protection/?subsection=investor_alerts_portal&id=30608&entity=Babylon-Solutions-Limited/-Remitano.com","name":"iosco.org","type":"other","credibility":3},{"url":"https://www.prnewswire.com/news-releases/remitano-p2p-bitcoin-exchange-is-completely-independent-from-traditional-banking-partners-300384289.html","name":"prnewswire.com","type":"other","credibility":3}],"severity":"medium"},{"content":"User reviews submitted to Trustpilot and PissedConsumer indicate recurring issues with Remitano's platform including frozen funds, pending transactions that remain unprocessed for extended periods, non-responsive customer support, account restrictions, and failed crypto-to-fiat conversions. One pattern cited by multiple users involves crypto-to-fiat swap transactions that remain in a pending state for weeks without resolution. Customer support responses have allegedly been limited to generic requests to 'be patient,' without providing timelines or evidence of action. As of 2025, the platform reported over 10,000 Trustpilot reviews. The platform's overall review profile shows a polarized pattern, with a significant volume of negative reviews citing financial access issues alongside positive reviews praising ease of use. These reports are classified as low-to-medium credibility (Tier 3/community) and should be interpreted accordingly.","heading":"User Complaints and Platform Reliability","sources":[{"url":"https://www.trustpilot.com/review/remitano.com","name":"trustpilot.com","type":"other","credibility":3},{"url":"https://remitano.pissedconsumer.com/review.html","name":"remitano.pissedconsumer.com","type":"other","credibility":3}],"severity":"medium"},{"content":"Remitano launched the RENEC (Remitano Network Coin) token in June 2021, positioning it as the native governance and utility token of the Remitano Network blockchain ecosystem. The RENEC token is intended for use in DeFi applications, transaction facilitation, lending, and earning rewards on the platform. The Remitano Network blockchain is marketed as a fast, decentralized exchange with efficient escrow functionality. RENEC is tracked on CoinMarketCap and DEX analytics platforms. At time of investigation, the token's market capitalization is minimal. The introduction of a proprietary token and blockchain by a platform operating without regulatory authorization in multiple jurisdictions introduces additional risk for users holding RENEC.","heading":"RENEC Token and Proprietary Blockchain","sources":[{"url":"https://cointelegraph.com/press-releases/remitano-launches-renec-as-its-own-native-token","name":"cointelegraph.com","type":"other","credibility":3},{"url":"https://coinmarketcap.com/currencies/renec/","name":"coinmarketcap.com","type":"other","credibility":3},{"url":"https://support.remitano.com/en/articles/5816982-what-is-renec-token","name":"support.remitano.com","type":"other","credibility":3}],"severity":"medium"}],"timeline":[{"date":"2015-04","event":"Remitano launched by Babylon Solutions Limited, incorporated in Seychelles, as a peer-to-peer cryptocurrency exchange.","source":"","date_original":"2015-04-01"},{"date":"2021-04-13","event":"Securities Commission Malaysia reprimands Remitano for operating an unlicensed digital asset exchange, adds it to the Investor Alert list, and initiates website blocking via MCMC.","source":""},{"date":"2021-06-30","event":"Remitano launches RENEC (Remitano Network Coin) as its native blockchain token.","source":""},{"date":"2023","event":"Babylon Solutions Limited, the operator of Remitano, is struck off and dissolved by Seychelles authorities, ceasing to be a legal entity.","source":"","date_original":"2023-01-01"},{"date":"2023-09-14","event":"Remitano's hot wallet is drained of approximately $2.7 million across Ethereum and TRON. Cyvers Alerts detects the breach in real time. Tether freezes $1.4 million in USDT on Ethereum and $537,000 on TRON.","source":""},{"date":"2024-02-05","event":"UK Financial Conduct Authority adds Remitano to its warning list of unauthorized firms, flagging the platform for promoting financial services without FCA permission.","source":""},{"date":"2025-05-20","event":"Seychelles FSA issues public warning that Remitano (remitano.com, allegedly operated by Babylon Solutions Limited) has no authorization under the Virtual Asset Service Providers Act 2024, and that Babylon Solutions Limited has been dissolved.","source":""}],"sources_used":[{"url":"https://coinjournal.net/news/breaking-crypto-exchange-remitano-hacked-for-over-2-7-million/","name":"coinjournal.net","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://www.halborn.com/blog/post/explained-the-remitano-hack-september-2023","name":"halborn.com","type":"other","archive_url":"http://web.archive.org/web/20260609204924/https://www.halborn.com/blog/post/explained-the-remitano-hack-september-2023","credibility":3,"archive_timestamp":"2026-06-09T20:49:24+00:00"},{"url":"https://cyvers.ai/blog/how-cyvers-vigilens-stopped-a-2-7-million-cryptocurrency-hack-at-remitano","name":"cyvers.ai","type":"other","archive_url":"http://web.archive.org/web/20260517085652/https://cyvers.ai/blog/how-cyvers-vigilens-stopped-a-2-7-million-cryptocurrency-hack-at-remitano","credibility":3,"archive_timestamp":"2026-05-17T08:56:52+00:00"},{"url":"https://cryptonews.com/news/remitano-crypto-exchange-faces-possible-hack-27-million-withdrawn-suspicious-transactions/","name":"cryptonews.com","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://coin360.com/news/crypto-heists-coinex-remitano-lazarus","name":"coin360.com","type":"other","archive_url":"http://web.archive.org/web/20260422140153/https://coin360.com/news/crypto-heists-coinex-remitano-lazarus","credibility":3,"archive_timestamp":"2026-04-22T14:01:53+00:00"},{"url":"https://www.mariblock.com/stories/remitano-crypto-exchange-hacked-for-2-7-million-narrowly-avoids-1-4-million-tether-loss","name":"mariblock.com","type":"other","archive_url":"http://web.archive.org/web/20260608174201/https://www.mariblock.com/stories/remitano-crypto-exchange-hacked-for-2-7-million-narrowly-avoids-1-4-million-tether-loss","credibility":3,"archive_timestamp":"2026-06-08T17:42:01+00:00"},{"url":"https://www.sc.com.my/resources/media/media-release/sc-reprimands-remitano-and-seeks-to-block-access-to-its-website","name":"sc.com.my","type":"other","archive_url":"http://web.archive.org/web/20260308164533/https://www.sc.com.my/resources/media/media-release/sc-reprimands-remitano-and-seeks-to-block-access-to-its-website","credibility":3,"archive_timestamp":"2026-03-08T16:45:33+00:00"},{"url":"https://soyacincau.com/2021/04/16/remitano-bitcoin-trading-blocked-in-malaysia-not-authorised-securities-commission/","name":"soyacincau.com","type":"other","archive_url":"http://web.archive.org/web/20260321074436/https://soyacincau.com/2021/04/16/remitano-bitcoin-trading-blocked-in-malaysia-not-authorised-securities-commission/","credibility":3,"archive_timestamp":"2026-03-21T07:44:36+00:00"},{"url":"https://www.fca.org.uk/news/warnings/remitano-https-remitanocom-home-gb","name":"fca.org.uk","type":"other","archive_url":"http://web.archive.org/web/20260521193338/https://www.fca.org.uk/news/warnings/remitano-https-remitanocom-home-gb","credibility":3,"archive_timestamp":"2026-05-21T19:33:38+00:00"},{"url":"https://fsaseychelles.sc/media-corner/regulatory-updates/warning-unauthorised-activity-under-the-virtual-asset-service-providers-act-2029","name":"fsaseychelles.sc","type":"other","archive_url":"http://web.archive.org/web/20260829133948/https://fsaseychelles.sc/media-corner/regulatory-updates/warning-unauthorised-activity-under-the-virtual-asset-service-providers-act-2029","credibility":3,"archive_timestamp":"2026-08-29T13:39:48+00:00"},{"url":"https://www.iosco.org/investor_protection/?subsection=investor_alerts_portal&id=30608&entity=Babylon-Solutions-Limited/-Remitano.com","name":"iosco.org","type":"other","archive_url":null,"credibility":3,"archive_error":"error:no-request","archive_status":"unarchivable","archive_timestamp":null},{"url":"https://behindmlm.com/companies/remitano-fraud-warnings-from-malaysia-uk/","name":"behindmlm.com","type":"other","archive_url":"https://web.archive.org/web/20260830035641/https://behindmlm.com/companies/remitano-fraud-warnings-from-malaysia-uk/","credibility":3,"archive_timestamp":"2026-08-30T03:56:41+00:00"},{"url":"https://www.prnewswire.com/news-releases/remitano-p2p-bitcoin-exchange-is-completely-independent-from-traditional-banking-partners-300384289.html","name":"prnewswire.com","type":"other","archive_url":"http://web.archive.org/web/20251014015714/https://www.prnewswire.com/news-releases/remitano-p2p-bitcoin-exchange-is-completely-independent-from-traditional-banking-partners-300384289.html","credibility":3,"archive_timestamp":"2025-10-14T01:57:14+00:00"},{"url":"https://www.trustpilot.com/review/remitano.com","name":"trustpilot.com","type":"other","archive_url":"http://web.archive.org/web/20260114065135/https://www.trustpilot.com/review/remitano.com","credibility":3,"archive_timestamp":"2026-01-14T06:51:35+00:00"},{"url":"https://remitano.pissedconsumer.com/review.html","name":"remitano.pissedconsumer.com","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://cointelegraph.com/press-releases/remitano-launches-renec-as-its-own-native-token","name":"cointelegraph.com","type":"other","archive_url":null,"credibility":3,"archive_timestamp":null},{"url":"https://coinmarketcap.com/currencies/renec/","name":"coinmarketcap.com","type":"other","archive_url":"http://web.archive.org/web/20260213211746/https://coinmarketcap.com/currencies/renec/","credibility":3,"archive_timestamp":"2026-02-13T21:17:46+00:00"},{"url":"https://support.remitano.com/en/articles/5816982-what-is-renec-token","name":"support.remitano.com","type":"other","archive_url":"http://web.archive.org/web/20251009115428/https://support.remitano.com/en/articles/5816982-what-is-renec-token","credibility":3,"archive_timestamp":"2025-10-09T11:54:28+00:00"}],"source_tags":["defillama"],"addresses":[],"reviewed":false,"reviewed_by":null,"model_used":"claude-sonnet-4-6","created_at":"2026-05-04T02:54:38.153284+00:00","updated_at":"2026-08-30T05:14:09.800456+00:00"}}