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Malaysia demands to ban Binance

ban Binance

Malaysia demands to ban Binance

To Ban Binance demands Malaysian Authorities. The Malaysian Securities Commission (SC) has issued a public reprimand to the trading floor and its CEO Changpeng Zhao.

The Securities Commission of Malaysia (SC) issued a notice in which it accused the world’s largest crypto exchange by trading volume Binance of illegal operation in the country. The regulator has warned the marketplace that it has 14 days (starting from July 26) to cease operations in Malaysia.

SC also demanded that Binance stop sending mailings and various promotional offers on behalf of the exchange to Malaysian investors. The regulator insists that residents of Malaysia should be denied access to the Binance Telegram channel.

On July 30, Binance announced the end of crypto derivatives trading in Europe. Residents of Germany, Italy, and the Netherlands can no longer open new accounts for trading in derivatives.

On July 26, two cryptocurrency funds – ARK36 and Tyr Capital – ceased cooperation with Binance due to the increased attention of regulators in different countries to Binance. ARK36 CEO Ulrik Likke called the situation with Binance “an alarming factor” for everyone who holds large capital on this site.

In the past few months, Binance has become the focus of regulatory attention in several countries. In March 2021, the company became a defendant in an investigation by the United States Futures Trading Commission (CFTC). The regulator studied the work of the company for the admission of American residents to trade in crypto derivatives in the absence of an appropriate license.

In May, it became known that the Department of Justice and the US Internal Revenue Service opened an investigation into Binance, suspecting it of violations of anti-money laundering and tax laws.

The site also began checking the legality of the site in Thailand, Singapore, and the Cayman Islands, and two banks – Barclays and Santander UK suspended operations with crypto exchanges. Binance has already been warned that it cannot provide investment services and operate in Italy and the UK.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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