Malaysia comes after Binance as authorities in the country have accused the exchange giant of continuing to operate in the country illegally. The crypto exchange has been served with a notice to stop offering its services in the country.
the Securities Commission (SC) Malaysia has served a public reprimand against Binance, calling for the exchange and all of its entities to cease operations in the country.
The SC stated that Binance continued to operate in Malaysia despite previous warnings. Back in July 2020 ,it was reported that Binance was not permitted to operate in Malaysia. At the time, the SC published an “Investor Alert List” containing several digital asset exchanges offering services in the country without due authorization from Malaysian regulators.
Binance has been given 14 business days from Tuesday to comply with the order which includes disabling its website and mobile apps, as well as discontinuing any media campaign for its services in the country.
The announcement also mandated that Binance’s CEO, Changpeng Zhao, ensures full compliance with this order. Malaysia’s securities regulator also urged Binance user to cease from trading with crypto exchanges operating in the country illegally.
The news out of Malaysia concerning Binance is only the latest in sweeping regulatory actions specifically targeted at the exchange giant. From warnings to investigations and now outright bans, the platforms appear to be under the cosh of financial watchdogs across the globe.
