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Malaysian regulators order Binance to disable operations within 14 days

The countryโ€™s regulator put out a notice today alleging the company of illegally offering its services to citizens.

Malaysian regulators order Binance to disable operations within 14 days

The Securities Commission Malaysia (SC), the countryโ€™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.

โ€œThe Securities Commission Malaysia (SC) today announced enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX),โ€ the notice reads.

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 SCโ€™s Investor Alert List in July 2020.ย 

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 Binanceโ€™s Telegram group.ย 

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: โ€œThose who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately,โ€ the notice read.

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Posted In: , Legal, Regulation

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