The past few months have been anything but positive for the largest crypto exchange in the world Binance. The country is constantly in trouble with the regulatory bodies of an ever-growing number of countries. In many of these countries, Binance was simply banned.
This has now had major consequences for Binance and thus the users of Binance. For example, a while back the possibility to use SEPA deposit and withdrawal suspended.
Maleisië verbant Binance
To the list of countries that no longer accept that Binance is active within their national borders, we can now also add the Asian country Malaysia. The Malaysian Securities Commission (SC), the national financial review body, has announced that Binance has 14 days to close its doors in the country.
The body states that previous warnings to Binance to stop their activities have not been followed. Binance would not the necessary licenses to provide financial services in the country.
The SC also strongly advises citizens of Malaysia not to use crypto exchanges that do not meet the requirements of the SC.
Completely stop activities
The SC has given Binance 14 days to comply with the order. Binance are ordered to take their website down in Malaysia, shut down the mobile app and stop media campaigns in Malaysia. In addition, Binance CEO Changpeng Zhao was personally required to comply with this order.
According to a mouthpiece from Binance, however, little is wrong. Binance would not operate out of Malaysia at all. In addition, the company would closely follow all legislation and regulations.
This message from Malaysia is another heavy blow to the crypto exchange. Countries around the world seem to be fed up with Binance and the bad news seems inexhaustible.
–
