Malaysia’s financial regulator orders Binance to end operations in the country

Crackdown on Binance Intensifies

Malaysian authorities have taken coercive action against the Binance platform to shut down its activities in the country.

In a statement released on July 30, 2021, the financial market regulatory and supervisory body, the Securities Commission of Malaysia (SC), explains that Binance is still operating illegally in the territory despite being placed on an alert list. since July 2020.

Therefore, and in 14 business days from July 26, 2021, Binance must deactivate its website and mobile apps in Malaysia. Separately, the company must immediately cease marketing activities in the country and ban Malaysian investors from accessing Binance’s Telegram group.

These repressive sanctions specifically target the activities of Binance Holdings Limited, its CEO Changpeng Zhao, but also 3 other entities of the firm, namely Binance Digital Limited, Binance UAB and Binance Asia Services Pte Ltd.

“Investors are urged to stop trading and investing through illegal exchange platforms. Those who currently have accounts with Binance are urged to immediately stop trading on its platforms and withdraw all their investments without delay, ”the Malaysian regulator added.

Contacted by our colleagues at The Block, a Binance spokesperson nevertheless tempers the situation, and explains:

“We are well aware of the SC’s advice and can confirm that Binance.com does not operate from Malaysia. He added that “the platform takes a collaborative approach to working with regulators, and [nous prenons les obligations de conformité] very seriously. “

Regardless, Malaysia completes the list of international regulators to have recently issued warnings or taken action against Binance, including those in the UK, Italy, Thailand, Cayman Islands or Japan.

Certainly wishing to take the lead, Binance very recently ended its offer of derivatives in 3 European countries, and intends to extend this measure to the whole of Europe, including France.

👉 On the same theme – Binance now limits daily withdrawals to 0.06 BTC for basic accounts

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About the author: Clément Wardzala

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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.

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