BML denies involvement in cryptocurrency exchange services

Bank of Maldives (BML) on Wednesday addressed reports circulating on social media about its ATMs offering cryptocurrency exchange services.

A video, which has been shared online, suggested that cryptocurrency obtained through online trade could be converted into cash at BML ATMs.

In response, BML denied these claims, emphasizing that it does not offer crypto exchange services or facilitate any cryptocurrency transactions.

According to BML, the video in question misleads viewers into believing that cryptocurrency can be exchanged for Maldivian Rufiyaa (MVR) at its ATMs. The bank clarified that its ATMs are designed to process transactions involving traditional currencies through internationally recognized payment networks, such as Visa, MasterCard, and American Express. These cards can be used for cash withdrawals within prescribed limits, but the bank emphasized that no crypto-related services are offered.

"BML does not provide cryptocurrency exchange services by any means. The video circulating on social media, suggesting otherwise, is inaccurate and misleading," a BML statement read.

The bank also stressed that while international cards can be used for ATM withdrawals, there is a cap on the amount that can be withdrawn. Customers can access up to $100,000, but only in domestic currency, and these transactions do not involve cryptocurrency in any form.

The bank further condemned the release of the video, stating that it falsely suggests that BML is involved in or facilitates cryptocurrency exchanges. This, the bank argued, could potentially mislead customers and the public. BML urged the public to disregard the false claims and avoid relying on unverified sources of information.

BML's statement also referenced the legal context surrounding cryptocurrency in the Maldives. The Central Bank of the Maldives (MMA) has made it clear that the use of cryptocurrencies or similar virtual currencies for transactions is prohibited under the Act Regulating Domestic and International Money Remittance Trading and Money Exchange Trading in the country. As per the law, only the MMA is authorized to issue Maldivian currency, including Rufiyaa notes and coins, making it illegal for anyone else to engage in currency issuance or trading activities related to virtual currencies.

BML urged its customers to rely on accurate information and to disregard any false claims regarding the bank's involvement in cryptocurrency transactions.