Binance Ordered by Malaysia Regulator to Completely Disable Website, App

Binance users have been asked to stop trading through the platform and withdraw all their investments immediately.

Binance Ordered by Malaysia Regulator to Completely Disable Website, App

Cryptocurrencies have surged in popularity among retail investors during the global pandemic.

Highlights
  • Binance stopped offering stock tokens to its users earlier this month
  • Financial authorities in many countries have raised concerns on Binance
  • Binance would wind down its futures and derivatives products offerings

Malaysia has taken enforcement action against cryptocurrency platform Binance to stop it operating in the country, the Securities Commission said on Friday.

The Commission said it had issued a public reprimand against Binance Holdings Limited, its CEO Zhao Changpeng and three other entities registered in the United Kingdom, Lithuania, and Singapore, for continuing to operate in Malaysia despite being added to the regulator's investor alert list a year ago.

The regulator ordered Binance to disable its website and mobile applications, cease media and marketing activities, as well as restrict Malaysian investors from accessing its Telegram group.

"Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately," it said.

Binance said on Friday it would wind down its futures and derivatives products offerings across Europe as the platform faces growing pressure from regulators across the world.

Governments and financial watchdogs are paying closer attention to the cryptocurrency industry, often putting in place rules that pose a challenge for exchanges like Binance that have thrived in a mostly unregulated environment.

Financial authorities in Britain, Germany, Hong Kong, Italy, Japan, Lithuania, and Thailand have all recently raised concerns about Binance.

© Thomson Reuters 2021


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