Malaysian authorities have banned popular crypto exchange, Binance, from offering services within the country. According to a recent announcement, the country’s Securities Commission (SC) said the exchange is currently operating illegally and has received a public reprimand, forcing it to cease operations.
The prohibition covers the exchange and all other operations under Binance Holdings Limited. The commission accused Binance of offering services despite the company’s inclusion on the SC’s Investor Alert List published in July 2020.
The recent announcement gives Binance 14 days to disable access to its website and mobile applications. The ultimatum begins on July 26, 2021.
The commission also asked Binance to permanently suspend all marketing and media campaigns, including advertisements. Binance must also prevent the Malaysian public from joining its Telegram group.
Speaking to Cointelegraph, a Binance spokesperson said that Binance.com does not operate out of Malaysia. However, the spokesperson said that Binance is always looking to collaborate with regulators, keeps abreast of policies, and complies with each region’s obligations.
The Securities Commission has said it ordered Binance CEO, Changpeng Zhao, to ensure that the company follows all orders. The commission has also asked the Malaysian public to report all suspicious or unsolicited investment advice, especially those promising exorbitant returns.
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