- Malaysia Regulators Orders Binance to Stop its Service
- Binance has 14 days from July 26 to follow with the order.
- The order includes disabling its website and mobile apps
Malaysia Securities Commission has taken enforcement action against cryptocurrency platform Binance to stop its services in Malaysia.
On Friday Security Commission announced that it had produced a public reprimand against Binance Holdings Limited, its CEO Zhao Changpeng, and three other entities registered in the United Kingdom, Lithuania, and Singapore, for continuing to operate in Malaysia despite being added to the regulator’s investor alert list a year ago.
Henceforth, Security Commission mentioned that Binance continued to function in Malaysia despite previous warnings. Previously Security Commission published an Investor Alert List that contains several cryptos belonging to exchanges offering services in the country without approval from Malaysian authorities.
More so, Binance has 14 days from July 26 to follow with the order. The order also specifies that disabling its website and mobile apps as well as discontinuing any media campaign for its services in Malaysia.
Even more, the order states,
“Those who currently have accounts with Binance, strongly urged immediately cease trading through itplatforms and to withdraw all their investments immediately”.
Henceforth, the news out of Malaysia regarding Binance only the latest in expansive regulatory actions specifically targeted at the leading exchange. From warnings to investigations and now prohibition, the exchange seems to be under the cosh of financial watchdogs across the globe.
Accordingly, the exchange also revealed that it plans to shut down crypto derivatives trading in Europe, beginning with Germany, Italy, and the Netherlands.