The world’s top digital asset exchange Binance has been under heavy regulatory challenges in recent months, and it seems it is just beginning. The exchange has now been banned in Malaysia and given two weeks to cease operations.
Regulators Ban Binance In Malaysia
Binance, the world’s top crypto exchange by trading volume, is facing yet another regulatory challenge. This time, in Malaysia. The Securities Commission Malaysia (SC) announced earlier today that Binance and all related entities are no longer allowed to provide services in Malaysia.
In a press release earlier today, the regulator said the ban applies to Binance Holdings Limited, its CEO Zhao Changpeng, Binance UAB (Registered in Lithuania), Binance Digital Limited (Registered in the UK), and Binance Asia Services Pte Ltd (Registered in Singapore).
Following the ban, the Securities Commission had asked the company to disable the Binance website (www.binance.com) and mobile app in Malaysia over the next two weeks. The exchange should also end all media and marketing activities targeting Malaysian investors and also restrict Malaysian investors from accessing Binance’s Telegram group.
The regulators also advised Malaysian investors to stop dealing with and investing through Binance and other cryptocurrency exchanges.
Binance’s Regulatory Challenges Continue To Pile Up
The Ban in Malaysia is the latest in a series of tough regulatory challenges for the cryptocurrency exchange. The cryptocurrency exchange was banned in the United Kingdom after the Financial Conduct Authority (FCA) gave the order a few weeks ago. This led several financial institutions like Santander, Barclays and Clear Junction to block Binance transactions from their platforms.
Italian regulators also issued a warning against Binance, asking it to stop operating in the country. According to the regulators, Binance doesn’t have the regulatory license to operate in the European country.
Binance had taken certain actions, such as halting the trading of tokenized stocks and hiring ex-regulators to ensure the company complies with regulatory demands. However, that hasn’t been enough to stop regulators from coming after it.
The Binance Coin (BNB) is down by less than 1% over the past 24 hours. BNB is trading at $310 per coin, down from its all-time high of close to $700 recorded in May.