The Central Bank of Myanmar (CBM) announced on January 16 that it had reviewed the accounts of 1,201 pages that were involved in illegal foreign exchange trading on social media, and that it had temporarily blocked the accounts of 1,342 individuals who were identified as high-risk individuals.
The CBM warned that illegal foreign exchange trading and online financial fraud undermine the stability of the country’s financial system, and that it would not do so and would take action if it did.
The Central Bank of Myanmar is selling foreign exchange needed by importers through the online trading platform to stabilize the foreign exchange rate and prevent speculation, and selling small amounts of foreign exchange at the money transfer counters of private banks for those who are going abroad for medical treatment, education, pilgrimage, and employment.
Of the amount sold in the foreign exchange market, over 3 billion US dollars were sold to important sectors such as fuel, cooking oil, telecommunications, electricity sector in 2024-2025 FY and over 3 billion US dollars as of January 15 in 2025-2026 FY. In addition, foreign exchange counters are being inspected to ensure that foreign exchange operators comply with the Foreign Exchange Management Law and the instructions issued under the law, and those who trade without a license are being identified and taken action.
The CBM is working with the Ministry of Home Affairs and law enforcement agencies to investigate and identify individuals and organizations involved in illegal foreign exchange transactions. It is also investigating and taking action against those who have made headlines, and investigating and taking action against those individuals' bank accounts and money transfers using the banking system. It is also frequently informing the public about these organizations to raise awareness.
A total of 234 individuals, who made foreign currency transactions with phone numbers and account numbers in advertisements for USDT trading on social media pages, have been identified as high-risk individuals and their 687 bank accounts and 287 mobile money accounts have been temporarily blocked. Five individuals who were found guilty of committing crimes have been prosecuted and sentenced to legal punishment in accordance with existing laws. Action is being taken against the remaining individuals in accordance with the law.
Social networking sites that are conducting illegal foreign currency trading are being investigated. So far, the bank accounts of 1,201 social networking sites have been scrutinized and action has been taken against them. The CBM has scrutinized the accounts of 1,342 individuals who have been identified as high-risk individuals and temporarily blocked their accounts. Action has been taken against those involved in trading on social networking sites.
In addition, an Action Task Force has been formed to prevent and take swift action against financial fraud. Based on information received from social media, complaints addressed to the Action Task Force, reports from banks, and reports from relevant law enforcement agencies, the Central Bank of Myanmar is taking action against individuals involved in criminal cases in accordance with existing laws.
Therefore, illegal foreign currency trading and online financial fraud not only harms the public interest but also undermines the stability of the country's financial system. Therefore, the public is advised not to engage in the above activities. If found to have committed a violation, in addition to closing their accounts, action will be taken under Sections 38 and 42 of the Foreign Exchange Management Law, the Anti-Money Laundering Law, and the Financial Institutions Law, as well as under the Penal Code, the CBM has announced.
