Malaysia Bans Binance For Operating Illegally

The Malaysian Securities Commission (SC) has hinted that it may pursue Binance, a cryptocurrency exchange.

The Malaysian financial regulatory authority has accused Binance of illegally running its Digital Asset Exchange (DAX) services.

Securities Commission Malaysia (SC) is a statutory body set up to regulate and develop the Malaysian Capital Market. (Pic By Muhd Amin Naharul/TMR)

The Securities Commission Malaysia (SC) today launched enforcement actions against Binance for illegally operating a Digital Asset Exchange, according to a statement, the cryptocurrency exchange’s DAX operations are deemed illegal by the SC (DAX).

All DAX operators must be registered as Recognized Market Operators (RMO) by the SC under Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007.

In addition to the reprimand, the SC issued cease-and-desist orders to Binance Holdings Limited, Zhao Changpeng, Binance’s CEO, Binance Digital Limited, Binance UAB, and Binance Asia Services.

The SC has ordered Binance to shutdown its main website and any linked mobile apps in Malaysia within 14 business days, beginning July 26, 2021, in order to achieve this.

Changpeng Zhao, the CEO of Binance, was also instructed to ensure that the injunction was followed to the letter.

Malaysia’s securities regulator also advised citizens to stay away from illegally run cryptocurrency exchanges in the nation.

Italy’s financial regulator issued a warning to Binance earlier this month, signalling that the platform was not authorised to provide services in the country. Germany, Poland, Japan, Thailand, Singapore, the United States, and the United Kingdom are among the countries that have issued warnings against Binance.

Binance also restricted futures and derivatives option for Italy, Germany and Netherlands for regulatory purposes.

To address this issue, Binance’s CEO has pledged to work with regulators as part of plans for even more worldwide expansion.

Twitteratis immediately followed the news and took out their devices to post some tweets. Here are some tweets from users.

Crypto lovers in Malaysia are angry over the decision made by SC.

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