Frequently Asked Questions
This page gives answers to common questions about BLOX and MYRC.
General Information
What is MYRC?
MYRC is a digital stablecoin from BLOX. One MYRC has the same value as one Malaysian Ringgit (MYR). MYRC moves on blockchain networks and has the stable value of a fiat currency. You can use MYRC for digital payments in Malaysia.
How is MYRC backed?
MYR in reserve fully backs MYRC. For each MYRC token in circulation, the same amount of MYR is kept in trustee accounts. Thus, you can always redeem one MYRC for one MYR.
What are the benefits of using MYRC?
- Stability: The value of MYRC stays at 1 MYR. The value of many other cryptocurrencies changes quickly.
- Fast Settlements: On-chain transactions settle faster than usual interbank transfers.
- Cost-Effective: MYRC transactions have fewer intermediaries, so the fees can be lower.
- DeFi Ready: You can use MYRC in decentralized finance (DeFi) applications on Ethereum, Arbitrum, Base, and Solana.
Can I redeem MYRC for Malaysian Ringgit?
Yes. You can redeem your MYRC for the same amount of Malaysian Ringgit. In the BLOX app, you can change your MYRC back to MYR and withdraw it to your bank account at any time.
Account & Verification
How long does verification take?
Usually, KYC verification is complete immediately. After BLOX confirms your identity, you can deposit and withdraw MYRC.
Why was my verification rejected?
Common reasons for a rejection:
- The MyKad photo is not clear.
- Your face is not clear in the selfie.
- The information in your documents is different.
- The document is changed or damaged.
To send your documents again, go to Settings > Verification and upload new documents.
Can I have multiple accounts?
No. You can have only one account for each MyKad. If you create more than one account, BLOX can suspend your accounts.
Deposit & Funding
What's the minimum deposit amount?
- Payment Gateway: RM 10
- Bank Transfer: RM 10
How long do deposits take?
- Payment Gateway: Instant (usually within 1-2 minutes)
- Bank Transfer: 1-2 business days
Why is my deposit pending?
A deposit can stay pending for these reasons:
- The bank verification is not complete.
- You used an incorrect reference number.
- The payment came from a bank account that is not registered.
Withdraw & Redemption
How long do withdrawals take?
BLOX processes withdrawals within T+1 working day. If you send a request after banking hours or on a weekend, BLOX processes it on the next working day.
Can I withdraw to someone else's account?
No. For security and compliance, you can withdraw only to bank accounts that are registered in your name.
What if I entered the wrong bank account?
Contact support immediately at support@blox.my. If BLOX did not process the withdrawal yet, BLOX can possibly cancel it.
Wallet & Transactions
Can I send MYRC to external wallets?
Yes. You can send MYRC to a compatible wallet address on a supported network (Ethereum, Arbitrum, Base, Solana).
What are network fees?
Network fees (gas fees) go to the blockchain validators that process transactions. The fees are different on each network:
- Ethereum: Higher fees, slower
- Arbitrum: Low fees, fast
- Base: Low fees, fast
- Solana: Very low fees, fastest
Can I recover MYRC sent to the wrong address?
No. You cannot reverse a blockchain transaction. Always examine the recipient address again before you confirm.
Security
How do I enable 2FA?
- Go to Settings > Security.
- Select "Enable Two-Factor Authentication".
- Scan the QR code with an authenticator app.
- Enter the verification code to confirm.
I forgot my password. What do I do?
Click "Forgot Password" on the login page. Then do the steps in the email to reset your password.
I think my account was compromised. What should I do?
Do these steps immediately:
- Change your password.
- Enable or reset 2FA.
- Contact support@blox.my.
- Examine your transactions for unauthorized transactions.
Fees & Limits
What fees does BLOX charge?
| Transaction Type | Fee |
|---|---|
| Deposit (FPX) | Shown in the app before you confirm, or contact BLOX |
| Deposit (Bank Transfer) | Shown in the app before you confirm, or contact BLOX |
| Withdraw to Bank | Shown in the app before you confirm, or contact BLOX |
| MYRC Transfer (Ethereum / Arbitrum / Base / Solana) | Network fee, and a platform fee if applicable. The app shows the fees before you confirm. |
What are my transaction limits?
BLOX sets the limits for each account. The app shows the limits before you confirm. For the API amount ranges, see Wallet API, Onramp API, and Payout API. To confirm your daily and monthly limits, contact support@blox.my.
Still Have Questions?
Contact the BLOX support team:
- Email: support@blox.my
- Response Time: Within 24 hours on business days
If you are a developer, read the API Documentation.