Regulators in Malaysia have also come after popular cryptocurrency exchange Binance, giving them a 14-day ultimatum to exit the country. The authorities banned the operation of Binance in the country, totally.
Binance, recently, has faced crackdowns by regulators in different countries, including the United Kingdom, Germany, Italy, and China. Malaysia is the latest country to ban its operations.
Giving reasons for the ban, Malaysian authorities accused Binance of illegally operating in the country.
The Malaysian Security Commission Friday warned Binance and other affiliated entities to desist trading in the country,
The securities commission, in its announcement on Friday also disclosed that the decision to ban Binance operations is not sudden having ordered the firm, as well as others, to desist from operating in the country since 2020.
With the 14 working days ultimatum, Binance is expected to comply with regulatory orders by halting business activities within the border of Malaysia. The firm is also expected to deactivate its website and mobile applications.
The notice also instructed the world’s number one crypto exchange to “immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors.”
Chief Executive Officer of Binance, Changpeng Zhao, was directed by the SC to ensure full compliance with the notice.
“Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately,” the notice added.
Binance now seems to be a black sheep. The firm has been in the news for the wrong reasons, from regulators warning them, to outright bans.
Well, Zhao maintains Binance is ready to comply with regulations globally to put an end to its ongoing tussle with them.
