Malaysia next to ban world’s largest cryptocurrency exchange

Malaysia’s financial regulator is taking steps to impose a ban on Binance, the world’s largest crypto exchange by volume and a specialist for crypto derivatives, joining nearly a dozen nations in taking enforcement actions against the platform for allegedly operating an illegal digital asset exchange.

The Securities Commission Malaysia said it has issued a public reprimand against Binance for continuing to operate without registration and therefore illegally in Malaysia despite being included in the regulator’s Investor Alert List in July last year.

The reprimand has been issued against Binance’s chief executive officer Zhao Changpeng, as well as three other Binance entities, namely Binance Digital, Binance UAB and Binance Asia Services, which are registered in the UK, Lithuania and Singapore, respectively. The parent company Binance Holdings is registered in the Cayman Islands.

Order to disable website and mobile app

All four of the cryptocurrency exchange entities have been ordered by the commission to disable the Binance website and mobile applications in Malaysia within 14 business days from July 26 and immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements or other marketing materials to Malaysian investors.

“Investors are advised to stop dealing with and investing through illegal digital asset exchange. 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 central bank of Lithuania, the securities commissions of Hong Kong, Italy, Thailand, Canada’s Ontario province and Brazil as well as the Japanese Financial Services Agency, UK Financial Conduct Authority and the US Justice Department and Internal Revenue Services have also taken action against Binance’s operations in their respective countries.

Binance is winding down futures and derivative trading

Meanwhile, Binance said it would wind down its futures and derivatives products offerings across Europe following unprecedented pressure from the regulators.

According to news reports, Binance would also stop offering cryptocurrency margin trading involving the Australian dollar, euro and pound sterling, and it had stopped selling digital tokens linked to shares.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

Malaysia’s financial regulator is taking steps to impose a ban on Binance, the world's largest crypto exchange by volume and a specialist for crypto derivatives, joining nearly a dozen nations in taking enforcement actions against the platform for allegedly operating an illegal digital asset exchange. The Securities Commission Malaysia said it has issued a public reprimand against Binance for continuing to operate without registration and therefore illegally in Malaysia despite being included in the regulator’s Investor Alert List in July last year. The reprimand has been issued against Binance’s chief executive officer Zhao Changpeng, as well as three other Binance...

Malaysia’s financial regulator is taking steps to impose a ban on Binance, the world’s largest crypto exchange by volume and a specialist for crypto derivatives, joining nearly a dozen nations in taking enforcement actions against the platform for allegedly operating an illegal digital asset exchange.

The Securities Commission Malaysia said it has issued a public reprimand against Binance for continuing to operate without registration and therefore illegally in Malaysia despite being included in the regulator’s Investor Alert List in July last year.

The reprimand has been issued against Binance’s chief executive officer Zhao Changpeng, as well as three other Binance entities, namely Binance Digital, Binance UAB and Binance Asia Services, which are registered in the UK, Lithuania and Singapore, respectively. The parent company Binance Holdings is registered in the Cayman Islands.

Order to disable website and mobile app

All four of the cryptocurrency exchange entities have been ordered by the commission to disable the Binance website and mobile applications in Malaysia within 14 business days from July 26 and immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements or other marketing materials to Malaysian investors.

“Investors are advised to stop dealing with and investing through illegal digital asset exchange. 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 central bank of Lithuania, the securities commissions of Hong Kong, Italy, Thailand, Canada’s Ontario province and Brazil as well as the Japanese Financial Services Agency, UK Financial Conduct Authority and the US Justice Department and Internal Revenue Services have also taken action against Binance’s operations in their respective countries.

Binance is winding down futures and derivative trading

Meanwhile, Binance said it would wind down its futures and derivatives products offerings across Europe following unprecedented pressure from the regulators.

According to news reports, Binance would also stop offering cryptocurrency margin trading involving the Australian dollar, euro and pound sterling, and it had stopped selling digital tokens linked to shares.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

NO COMMENTS

Leave a Reply