Binance banned in Malaysia, given 14 days notice to stop operations
The Binance crypto exchange has been served with a notice from Malaysia to stop offering its services in the country.
The Securities Commission (SC) Malaysia has served a public disapproval notice against Binance, calling for the exchange and all of its entities to cease operations in the country. As per an announcement released today
The Securities Commission stated that Binance didn't stop operating in Malaysia in spite of the previous cautions. Indeed, back in July 2020, Binance was not permitted to operate in Malaysia. According to a previous report
At the time, the Securities Commission revealed an "Investor Alert List" which include several digital asset exchanges offering services in the Malasia without due authorization from Malaysian regulators.
Binance has 14 business days from July 26 to follow with the order that includes disabling Binance’s website and mobile applications as well as disabling any media campaign for Binance’s services in Malaysia.
The announcement also ordered Binance CEO CZ to ensure full compliance with the order. Malaysia's securities regulator also urged residence to desist 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.
Earlier in July, Italy's financial regulator issued a warning against Binance, stating that the platform was not authorized to offer services in the country. Apart from Italy, countries like Germany, Poland, Japan, Thailand, Singapore, the United States, and the United Kingdom, among others, have also issued warnings about Binance.
Meanwhile, the exchange has also announced plans to shut down crypto derivatives trading in Europe, beginning with Germany, Italy, and the Netherlands.