Binance is not authorized to operate in Malaysia, says the country's financial regulator
July 17, 2020, 4:55AM EDT
1 min read
The Securities Commission (SC) of Malaysia has put crypto exchange Binance under its list of unauthorized companies.
The regulator said Binance is "operating a recognized market without authorization." Binance offers fiat-to-crypto and peer-to-peer crypto trading services via Malaysian ringgit.
"The public is advised not to make any investment with companies/individuals that are not licensed or approved by the SC," said the regulator.
It is not clear whether Binance can continue offering support for Malaysian ringgit or needs to stop it. The exchange declined to comment when reached. The Block has reached out to the SC and will update this story should we hear back.
Earlier this month, Brazil's Securities and Exchange Commission also said Binance is unauthorized and therefore banned it from offering derivative products in the country.
In March, Malta's financial regulator issued a similar warning against Binance, saying that the exchange is not authorized to operate in the country and is not subject to its regulatory oversight.