Malaysia becomes the next country to regulate the activities of Binance. This comes after several nations have also regulated and even banned the crypto exchange, these regulations don’t seem to be ending anytime soon.
The Securities Commission of Malaysia (SC) has ordered Binance to face enforcement action for illegally running a Digital Asset Exchange (DAX) without first getting the SC’s licence.
The exchange was also given a public censure for continuing to operate despite being placed on the SC’s “investor alert list” in July 2020.
The regulatory head of Malaysia has asked Binance to
- disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021;
- immediately cease all media and marketing activities, including circulating, publishing, or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors; and
- immediately restrict Malaysian investors from accessing Binance’s Telegram group
Investors should be aware of unlawful DAX and report any suspicious activity or phone calls for cryptocurrency investing advice, according to the regulatory agency. According to the agency’s official statement,
“Investors are advised to stop dealing with and investing through illegal DAX. Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.”
Over the last month, an increasing number of regulators have issued regulatory warnings or initiated enforcement measures against the crypto exchange.
The Thai Securities and Exchange Commission (SEC) has already filed criminal charges against the exchange for operating without permission.
Non-compliance warnings have also been issued by regulators in the United Kingdom, Japan, Italy, Hong Kong, the Cayman Islands, and a few other countries.