Binance faces more difficulties, as the company has been forced to stop operating in Malaysia
Malaysia has become the latest jurisdiction to take action against Binance, with its market regulator ordering the firm to stop operating in the country.
Malaysia’s Securities Commission (SC) has accused the cryptocurrency exchange of operating unlawfully in the nation.
The business, its CEO Zhao Changpeng, and its three organisations registered in the United Kingdom, Lithuania, and Singapore have all received a public censure from the commission.
All four businesses have been given 14 business days from July 26, 2021, to stop operations in Malaysia, including their media and marketing efforts.
The exchange will no longer be able to disseminate, publish, or transmit advertising or other marketing materials to Malaysian investors.
Investors should avoid engaging with and investing through Binance, according to the market regulator. People with accounts with the exchange have also been advised to stop trading on its platforms and withdraw their funds immediately.
Malaysian investors are also barred from joining Binance’s Telegram channel.
Market regulators from all around the world have been putting tremendous pressure on Binance. Binance was issued a warning by Italy’s financial authority last month after it was discovered that the platform was not authorised to sell services in the nation.
Aside from Italy, nations like Germany, Poland, Japan, Thailand, Singapore, the United States, and the United Kingdom are also affected by the exchange.
After Binance came under fire from worldwide regulators, Barclays clients in the UK were barred from sending funds to the cryptocurrency exchange. Customers will no longer be able to transfer credit and debit card payments to Binance, according to the bank.
Meanwhile, the cryptocurrency exchange has stated that crypto derivatives trading would be discontinued in Germany, Italy, and the Netherlands.
Binance has collected a total of US$35 million in investment from investors such as Vertex Ventures Southeast Asia & India since its start, according to Crunchbase.
