The SC also demands Binance to cease all media and marketing activities which include circulating, publishing or sending any advertisements or other marketing materials whether by emails or otherwise to Malaysian investors.
In a statement on Friday, it said those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.
KUALA LUMPUR: The Securities Commission (SC) has today taken enforcement actions against Binance Holdings Bhd for illegally operating a Digital Asset Exchange (DAX). Under Sections 7 (1) and 34 (1) of the Capital Markets and Services Act 2007, all DAX operators must be registered as recognised market operators (RMO) by the SC.
The SC said Binance was illegally operating a DAX despite being included in the SC’s investor alert list in July 2020. Reuters reported Binance said it would wind down its futures and derivatives products offerings across Europe, a move that comes after unprecedented pressure from regulators across the world.
Can you use Binance in Malaysia? Officially, no. Binance is listed on the Securities Commission Malaysia’s (SC) Investor Alert List, which identifies unauthorised websites, products, companies or individuals. The SC advises investors not to invest with any companies or individuals that aren’t licensed or approved.
Securities Commission Malaysia (SC) today added the popular crypto exchange platform Binance to in its investor alert list which warns the general public about entities that are not authorised in carrying out regulated activities in Malaysia. They were added to the list for “operating a recognized market without authorisation from the SC.”
Binance has finally announced that it will be taking several measures in a move to remain compliant with local regulations, just one business day before the 16 August deadline set by the Securities Commission of Malaysia (SC).
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