Malaysian regulators order Binance to disable operations within 14 days


Malaysian regulators order Binance to disable operations within 14 days

Earn up to 12% APY on Bitcoin, Ethereum, USD, EUR, GBP, Stablecoins & more.

Start Earning Interest

The country’s regulator put out a notice today alleging the company of illegally offering its services to citizens.

· 1 min read

The Securities Commission Malaysia (SC), the country’s topmost watchdog for financial services and securities, ordered crypto exchange Binance to shut up shop within two weeks and cease all offerings to Malaysian users.

“The Securities Commission Malaysia (SC) today announced enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX),” the notice reads.

How To Get Free Crypto  

Malaysia slams Binance

A public reprimand has been put against Binance by authorities who allege it continues to operate illegally in Malaysia despite being included in the SC’s Investor Alert List in July 2020. 

The reprimand was issued against Binance Holdings Limited (Registered in the Cayman Islands), its CEO Changpeng Zhao, as well as three other Binance entities, namely Binance Digital Limited (Registered in the UK), Binance UAB (Registered in Lithuania), and Binance Asia Services Pte Ltd (Registered in Singapore), the SC said.

The SC has now ordered the four Binance entities to disable the exchange website and mobile applications in Malaysia within 14 business days from 26 July 2021, cease all media and marketing activities to Malaysian investors, and immediately restrict any Malaysian investors from accessing Binance’s Telegram group. 

Zhao has also, additionally, been specifically ordered to ensure that the above directives are carried out.

Meanwhile, the SEC asked Malaysian users to stop dealing with Binance accounts: “Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately,” the notice read.

Coinbase Banner  

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Shaurya Malwa

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.