The past few months have not been positive for the world’s largest cryptocurrency exchange, Binance. The country is in constant trouble with the regulatory bodies of an increasing number of countries. In many of these countries, Binance is simply banned.
This has now had severe consequences for Binance and thus for Binance users. For example, the option to deposit and withdraw via SEPA has been suspended for a while.
Maleisië verbant binance
To the list of countries that no longer accept Binance to be active within their national borders, we can now also add the Asian country Malaysia. The Malaysian Securities and Exchange Commission (SC), the national financial review body, has announced that Binance has 14 days to close its doors in the country.
The authority states that previous warnings to Binance to stop its activities were not followed. Binance will not have the necessary licenses to provide financial services in the country.
The High Commission also advises citizens of Malaysia not to use cryptocurrency exchanges that do not meet the requirements of the Securities Commission.
Completely discontinue activities
The Supreme Committee gave Binance 14 days to comply with the order. Binance has been ordered to shut down its website in Malaysia, shut down its mobile app, and stop media campaigns in Malaysia. In addition, Binance CEO Changpeng Zhao was personally asked to comply with this order.
According to a mouthpiece from Binance, there is a bit of a mistake. Binance will not operate outside of Malaysia at all. In addition, the company will closely follow all legislation and regulations.
This message from Malaysia is another major blow to the cryptocurrency exchange. Countries all over the world seem to be fed up with Binance and the bad news seems to be inexhaustible.
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