The Central Bank of Myanmar (CBM) has cracked down on 16 more Facebook pages and websites operating as unlicensed money exchangers.

These businesses lacked the official permits required to buy, sell, and exchange foreign currency.

The CBM has already taken action against the individuals and organizations involved in these illegal transactions. They're also working with other central banks to target foreign-based operations using phone numbers and social media pages for forex activity.

The targeted businesses are the money exchange and remittance shop, Moe Latt, Si Thu & bro, Yangon Money Exchange, USD Exchange, Dollar Buying and Selling, December Snow, June Lin Htet Naing, Htet Yan Money Exchange, Global Value Services-GVS Money Exchange and Transfer, Boss Online Money Exchange Services (Family Money Exchange), Lucky Sky Gold Smith (Facebook Page), Nay Myo Htet (Facebook Page), Gold Market Myanmar (Facebook Page), Ye Mon, and Naing Lu.

The CBM is working with law enforcement to arrest and prosecute those involved in these illegal operations.

 They will continue to monitor and take action against any similar entities.

The public is strongly advised to only conduct foreign exchange transactions with officially licensed and authorized financial institutions.

The announcement warns that engaging in illegal forex activities on these platforms violates Articles 38 and 42 of the Foreign Exchange Management Law.

 Offenders also face legal consequences under the Penal Code for harming public interest.