Breaking: Malaysian SC enforces Action against Binance for Illegal Operations – The Securities Commission Malaysia (SC) ordered enforcement actions against Binance for illegally operating a Digital Asset Exchange (DAX) without obtaining the necessary approval from the SC. A public reprimand was also issued against the exchange for carrying out operations despite being put on the SC’s Investor alert list in July 2020.
The regulatory head of Malaysia has Binance to:
- disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021;
- 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; and
- immediately restrict Malaysian investors from accessing Binance’s Telegram group