Binance Banned in Malaysia and need to shut down operations

Binance banned in Malaysia

The crypto exchange has been served with a notice to stop offering its services in the country.

Malaysia is the latest regulatory theater to come after Binance as authorities in the country have accused the exchange giant of continuing to operate in the country illegally.

According to an announcement released on Friday, 30 July, the Securities Commission (SC) Malaysia has served a public reprimand against Binance, calling for the exchange and all of its entities to cease operations in the country.

The SC stated that Binance continued to operate in Malaysia despite previous warnings. Indeed, back in July 2020, Cointelegraph reported that Binance was not permitted to operate in Malaysia.

Binance has 14 business days from Tuesday to comply with the order that includes disabling its website and mobile apps, as well as discontinuing any media campaign for its services in the country.

The announcement also mandated that Binance’s CEO, Changpeng Zhao, ensures full compliance with the order. Malaysia’s securities regulator also urged citizens to desist from trading with crypto exchanges operating in the country illegally.

The news out of Malaysia concerning Binance is only the latest in sweeping regulatory actions specifically targeted at the exchange giant. From warnings to investigations and now outright bans, the platforms appear to be under the cosh of financial watchdogs across the globe.

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