Binance is not allowed to operate in Malaysia, says local regulator

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Binance is not allowed to operate in Malaysia, says local regulator

  • 28. Juli 2020
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The major Binance crypto exchange was added to the Securities and Exchange Commission’s (SC) list of unauthorized entities today.

According to the regulator, the digital asset trading platform is „operating a recognized market without authorization from the SC“.

Malaysian law requires that cryptomoney exchanges be registered as digital asset exchanges with the SC. After initial filing, they have up to nine months to comply with the SC’s regulatory standards.

Binance launches its own debit card, initial testing will be done in Malaysia
So far, only three crypto coin platforms, Luno, Sinegy and Tokenize, have received full approval from the local control body.

Notably, in March, Binance announced that it was going to test the launch of its crypto debit card in Malaysia ahead of other Southeast Asian countries.

At the close of this edition, Crypto Trader still seems to have the support for Ringgit from Malaysia, which presented for its P2P platform and mobile application in March this year. The platform declined to comment on this story.

Malta’s financial regulator says Binance is not authorized to operate in the country

Cointelegraph contacted the SC for additional details and will update this story as information becomes available.

Previous Disagreements with Regulators
Binance has been vetoed by regulators in other jurisdictions before.

Malta denies that two crypto-currency exchanges are licensed to operate
Last month, the securities regulator in Brazil prevented the cryptomoney exchange from offering Bitcoin futures contracts (BTC) in the country.

In February, the Malta Financial Services Authority stated: „Binance is not authorized by the MFSA to operate in the cryptomoney sphere and is therefore not subject to regulatory oversight by the MFSA.

It is not entirely clear where Binance is based and regulated. According to the exchange’s CEO, Changpeng Zhao, also known as CZ, „it has a number of regulated entities around the world, operated by our partners or directly by Binance.com. Binance’s main office would be registered in the Cayman Islands and Seychelles.