Friday, September 17, 2021

Malaysia takes enforcement action against crypto exchange giant Binance.

The Takeaway:

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

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According to the Reuters report, the Malaysian financial regulator 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. Binance has been facing regulatory scrutiny from regulators across countries for a few months.

 

Regulator orders Binance to disable its website and mobile applications. 

The financial 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,” the Malaysian financial regulator said. Binance had earlier announced that it would wind down its futures and derivatives product offerings across Europe as the platform faces growing pressure from regulators worldwide.

 

Binance announces to work towards regulatory compliance across the globe.

This week Binance CEO Changpeng Zhao revealed that the crypto company would shift gears and begin working towards regulatory compliance across the globe. Zhao Tweeted several posts on Tuesday about the direction of his crypto exchange. The CEO stated that he had hosted a one-hour press conference and shared important updates after the call ended. The posts serve to catch the public up on what steps the company is making toward its goal of gaining global compliance with regulators. The world’s leading crypto exchange that has been under fire by regulators in numerous countries over the past few months, including Canada, Italy, Japan, Hong Kong, Lithuania, Thailand, and Great Britain, will now work towards regulatory compliance. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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