binance malaysia banner

SC Malaysia issues public order against Binance

Last July 30, the Securities Commission (SC) of Malaysia formally announced their plan of action against Binance, which the SC has considered an illegally operating Digital Asset Exchange (DAX). They issued a public reprimand against the said exchange site for ‘continuing to operate in Malaysia despite being included in the SC’s Investor Alert List in July 2020’. 

In the same document, they mentioned that Binance has 14 business days to comply with their order. This includes disabling their website and mobile applications in the country, ceasing all media and marketing activities and restricting Malaysian investors from accessing Binance’s Telegram group.

The SC specifically ordered that the CEO of Binance Holdings Limited Zhao Changpeng ensure that the previously mentioned directives as shown on the website of SC Malaysia are carried out. 

Additionally, they advised investors to discontinue their dealings with the illegally operating site, saying, ‘Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately’.

In an interview with Cointelegraph, a spokesperson from the exchange, whose name remains anonymous for confidentiality purposes, said that ‘ does not operate out of Malaysia’ as presented on their July 30 report. 

They also mentioned that Binance is using a ‘collaborative approach in working with regulators’ and that they are taking their compliance obligations seriously.

Aside from SC Malaysia, financial regulators from Italy also issued a warning against Binance last July 15. As reported by CoinTelegraph, the Italian Companies and Exchange Commission (CONSOB) made a statement that the platform is not authorized to offer its services in their country. Other countries that also had similar warnings were Germany, Poland, Japan, Thailand, Singapore, the United States and the United Kingdom among others.

Binance is a cryptocurrency exchange that serves as a platform where traders can buy and sell digital coins. It was founded in 2017 and has long been under fire for its decentralized operations without an official headquarters.

Don’t miss out on the latest news and updates about the cryptocurrency industry. Find out all you need to know when you browse here at Cryptoshimbun!

Leave a Comment

Please enter CoinGecko Free Api Key to get this plugin works.