Binance, one of the largest cryptocurrency exchanges in Malaysia, received a notice from the Malaysian Securities Commission that it was subject to the Malaysian Securities Commission relinking process. It has been ordered to stop its operations in the country. Malaysian authorities accused Binance of illegal financial activities.
According to a Friday release, the Securities Commission Malaysia has issued a public repudiation against Binance. This prompted the exchange and all related entities to stop operating in Malaysia.
Binance has 14 calendar days from Tuesday to follow the order. It includes the removal of its mobile apps and website as well as suspension of any media campaigns.
In July 2020, the Securities Commission added the cryptocurrency exchange to its list of unauthorized financial institutions.
The supervisory committee issued a list of investor warnings at the time. This includes several cryptocurrency exchanges operating in Malaysia without the permission of Malaysian regulators.
The Malaysian authorities news on Binance is not the only regulatory action against the cryptocurrency company. Financial regulators worldwide are trying to control crypto platforms with everything from warnings to investigations to outright bans on operations.
In July 2020, Binance was also warned by the Italian financial regulator. It was declared that the platform was not permitted to offer services within this country. Binance has also been warned by the United States and Britain, as well Italy, Germany. Japan, Thailand. Singapore.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.