Malaysia bans Binance accusing it of operating illegally

Malaysia bans Binance accusing it of operating illegally

Malaysia is the latest regulatory center to ban Binance because the country’s authorities have accused the stock exchange giant of continuing to operate illegally in the country. According to the announcement issued on Friday, the Malaysian Securities Commissioner (SC) has publicly condemned Binance and asked the exchange and all its organizations to stop operations in the country.

SC stated that, despite being given previous warnings, Binance isn’t improving the work ethics in Malaysia. In fact, in July 2020, Cointelegraph reported that Binance was banned from operating in Malaysia. At that time, the SC issued an investor alert list listing various digital asset exchanges providing services in the country without requiring proper approval from the Malaysian regulator.

As of Tuesday, Binance has 14 working days to comply with the arrangement, which includes closing its website and mobile applications and ending all media promotional activities for its services in the country. The announcement also urged Binance CEO Changpeng Zhao to ensure full compliance with the order. The Securities Commission of Malaysia also urged citizens to not trade in exchanges that operate illegally in the country.

The Malaysian Binance Newsletter is only the latest in a wide range of regulations for stock market giants. From warnings to investigations to complete bans, the platform seems to be under the control of global financial regulators.

In early July, the Italian financial regulator issued a warning to Binance that the platform has no right to provide services in the country. In addition to Italy, there are also Germany, Poland, Japan, Thailand, Singapore, the United States, and the United Kingdom are also among others to have issued warnings to Binance.

At the same time, Binance has taken steps to alleviate this situation, and its CEO has pledged to work with regulators to develop further global expansion plans. The exchange’s policy has also undergone some changes, reducing the withdrawal limit for users who have not completed the platform’s identity verification log.

At the same time, the exchange also announced plans to stop trading cryptocurrency derivatives in Europe from Germany, Italy, and the Netherlands.

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