Malaysian Regulators Ordered Binance To Shut Down Their Operations

The Securities Commission of Malaysia ordered Binance Exchange to halt their operations across Malaysia. 

Malaysia became the latest regulator to raise issues against Binance Exchange. Amid Binance team is trying to became globally licensed so that they can serve their services more perfectly under regulation framework and can navigate the crypto market at their best. 

Related: Binance Exchange plans to get regulated all over the world

The Securities Commission (SC) Malaysia announced their order against Binance Exchange on 30 July. According to SC Binance is violating the rules of Malaysian regulators and they are ordered to cease all the Operations from Malaysia. 

And also they are ordered to halt all types of related services like “services promotion” and app fully. 

For now, Binance have time of 14 days from 26 July to shut down their services from Malaysia.

In response to this notice by Malaysia, A spokesperson gives his statements to the cointelegraph new agency that they are working at their best to comply with the rules & regulation of the regulators, so that they can navigate this emerging market. And also they are changing their rules, policies & laws seriously.

It is worth to note, In July 2020, already Malaysian authorities raised issues against Binance & other crypto assets offering services. According to the issue raised in July 2020 they published a list of crypto exchanges including Binance which have no any permission/license from the Malaysian regulators to operate their services.

The current released order of Malaysian regulators, also warned the CEO of Binance to follow their orders with full compliance. And also they requested Malaysia citizens to boycott all types of crypto Exchanges which are operating their services without legal permission.

Read also: Binance following its commitment to shutdown of Derivative Offering in Europe