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Malaysian securities regulator bans Binance operations
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Malaysia Takes Enforcement Actions Against Binance, Advises Investors to Withdraw All Investments Immediately – Regulation Bitcoin News
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The SC said Binance was illegally operating a DAX despite being included in the SC’s investor alert list in July 2020.
KUALA LUMPUR: The Securities Commission on Friday took enforcement actions against major cryptocurrency exchange Binance for illegally operating a digital asset exchange (DAX) and told Malaysian investors to stop dealing and investing with it.
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.
The SC said Binance was illegally operating a DAX despite being included in the SC’s investor alert list in July 2020.
Securities Commission Malaysia Takes Enforcement Actions On Binance For Illegally Operating In Malaysia Date
30/07/2021
The Securities Commission Malaysia (SC) today took enforcement actions against Binance 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 Recognized Market Operators (RMO) by the SC.
Accordingly, the SC has issued a public reprimand against Binance for continuing to operate illegally in Malaysia despite being included in the SC’s Investor Alert Listin July 2020. In this regard, the public reprimand was issued against Binance Holdings Limited (Registered in the Cayman Islands), its CEO Zhao Changpeng, as well as three other Binance entities, namely Binance Digital Limited (Registered in the UK), Binance UAB (Registered in Lithuania) and Binance Asia Services Pte Ltd (Registered in Singapore).