The Malaysian Securities Commission (SC) has warned investors that the Binance cryptocurrency exchange operates without the permission of local regulators and is not licensed.
The regulator added Binance to the list of unauthorized firms that do not comply with Malaysian securities laws. The Malaysian Securities Commission indicated that Binance operates in the country as an exchange without the required license. To date, only three cryptocurrency exchanges have received SC approval – Luno, Sinegy and Tokenize.
Earlier, Binance executives said it would test the Binance Card cryptocurrency debit card in Malaysia before launching it in Europe. Despite the regulator’s notification, Binance continues to support the Malaysian ringgit on its P2P platform and refuses to comment on the situation.
This month, the Brazilian Securities and Exchange Commission (CVM) banned Binance from offering cryptocurrency derivatives trading in the country, and it was quite harsh about it. CVM demanded that Binance immediately stop distributing information about derivative contracts to cryptocurrencies, otherwise the exchange would face a daily fine of 1,000 Brazilian reais.
In February, the Malta Financial Services Authority (MFSA) also announced that Binance is not controlled by local authorities. Earlier, Binance CEO Changpeng Zhao said that Binance operates decentralized in 180 countries around the world, and if it does not have a head office in Malta or in another country, then the exchange is not controlled from these countries.
Last month, the head of Binance talked about the main factors for the effective expansion of cryptocurrency exchanges around the world.