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Binance has been slapped with a two-week ban in Malaysia following issues of regulation and “illegal operations” in the country.
According to a newly released announcement from the Securities Commission (SC)in Malaysia, the cryptocurrency exchange has been served with a public desist and reprimand. The notice calls for Binance and its parties to halt and suspend operations. According to the financial regulator, Binance had received previous warnings and continued to operate.
In July 2020, Binance’s operations had been restricted and the exchange was not allowed to operate in the country. The SC then had issued a list outlining several exchanges that could – and could not – operate in the country owing to several authorisations in the area.
According to the latest report, the public reprimand now issued includes Binance as well as its three other entities and the CEO Changpeng “CZ” Zhao:
“ 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).”
As per the report, Binance has two weeks, from July 26th, to change its systems and operations to comply with the mandate. If it cannot, the exchange will not be allowed to continue operations in the regions. This includes its website, mobile apps, and any media advertising and campaigning in Malaysia. Furthermore, Binance users are not allowed to access the exchange’s Telegram channel as a private communication channel.
In the announcement, the SC issued a warning notice to investors against investing their funds through illicit crypto trading platforms
“Investors are advised to stop dealing with and investing through illegal DAX. Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.“