Malaysia Introduces Coercive Measures Against Binance & # 39; In & # 39; Illegally Working & # 39;

The Malaysian Securities Commission (SC) today took coercive measures against Binance for alleged illegal activity in the country. 

The SC states that a cryptocurrency exchange operating illegally as a digital asset exchange, without a registration requirement, is contained in Sections 7(1) and 34(1) of the capital markets and Services Act 2007. 

“Accordingly, SC was publicly condemned by binance for continuing illegal activities in Malaysia, despite being on the warning list for SC investors in July 2020,” the SC said. 

Mandatory measures against Binance & # 39;
SC took coercive measures against four subsidiaries, as well as the Chief Executive of Changpeng Zhao (CZ). 

Binance Holdings Limited, Binance, Digital, Limited, the four Binance companies that became Binance CJSC and Binance Asia Services Pte., Co. 

Binance Is Not Entitled To Work In The Cayman Islands
All four organizations were ordered to disable the website. www.binance.com) and mobile apps for 14 business days starting July 26, 2021. In October, all four organizations must immediately cease their media and marketing activities and immediately limit Malaysian investors ‘ access to the telegram crypto exchange group. 

The CZ was also ordered to ensure that the above obligations were fulfilled. 

SC completed the notification of the above mandatory measures with a warning to the consumer. 

“Investors are being encouraged to stop investing and investing through illegal digital asset exchanges. Those who currently have accounts in Binance are urged to immediately stop trading through their platform and immediately withdraw all their investments.” 

When it rains, it pours like a bucket.
This isn’t the only regulatory headache facing the world’s biggest crypto exchange. 

In other countries around the world, regulators in the Cayman Islands, Italy, Japan and elsewhere have taken aim at the crypto exchange, claiming that the exchange, such as Malaysia, is not registered to work.

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