Malaysia takes enforcement action against Binance, recommending investors to “withdraw all investments immediately” – Regulate Bitcoin News

The Malaysian securities regulator has taken enforcement actions against the global cryptocurrency exchange Binance. Noting that the exchange operates illegally in the country, the regulator has advised those who currently have accounts with Binance to “stop trading through its platform immediately and immediately withdraw all investments.”

Malaysia publicly condemns Binance

  • The Securities Commission of Malaysia (SC) announced on Friday that it “takes enforcement action against Binance’s illegal operation of the Digital Asset Exchange (DAX)”.
  • According to Malaysian regulations, digital asset exchange operators must register with the Securities Commission as a Recognized Market Operator (RMO).
  • As the global cryptocurrency exchange operates in Malaysia without registration, the Malaysian securities regulator “publicly condemns” the four Binance entities and the company’s CEO Changpeng Zhao (CZ) for continuing to operate illegally in Malaysia. According to the Securities Regulatory Commission, even though Binance was included in the regulator’s investor alert list in July 2020, it continues to operate in the country.
  • The four entities are Binance Holdings Limited (registered in the Cayman Islands), Binance Digital Limited (registered in the UK), Binance UAB (registered in Lithuania) and Binance Asia Services Pte Ltd (registered in Singapore) .
  • The securities regulator has ordered all four Binance entities to “ban the Binance website (www.binance.com) and mobile apps in Malaysia within 14 working days from July 26, 2021.”
  • They must also “immediately stop all media and marketing activities, including the dissemination, posting or sending of any advertising and/or other marketing materials to Malaysian investors via email or other means.” In addition, they must “immediately restrict Malaysian investors’ access to the currency Ann’s Telegram group”.
  • The regulator also specifically ordered Zhao to “ensure that the above instructions are implemented.”

  • The China Securities Regulatory Commission emphasized that investors should stop trading and investing through illegal digital asset exchanges, and recommended that those who currently have accounts with Binance “stop trading through its platform immediately and immediately withdraw all investments.”
  • More and more regulators around the world warn Binance to conduct business within its jurisdiction without authorization.They include regulatory agencies Japan, United Kingdom, Cayman Islands, Hongkong, Thailand, Germany, and Lithuania.
  • Commenting on the increasingly stringent regulatory review of his exchange, Zhao Say“We want to get a license everywhere… From now on, we will become a financial institution.” He also revealed that the company is looking for “a CEO with a strong compliance background to demonstrate our commitment to compliance.” Commitment, because this is the organization’s top priority.”
  • Earlier this week, Binance Announce “Binance Margin will delist the Australian dollar, euro and British pound cross and segregate margin pairs.” The exchange also announced that it will stop providing futures and derivatives in Europe.

What do you think of Binance’s troubles with global regulators? Let us know in the comments section below.

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