Binance is not allowed to operate in the Malaysian jurisdiction
The SEC of Malaysia announced that the largest cryptocurrency exchange Binance did not have official authorization in the country.
Binance did not pass the authorization procedure
According to the laws of this country, cryptocurrency exchanges must register with the local SC as exchanges for trading digital assets. After filing the relevant application, companies have a nine-month period to comply with the requirements of the financial regulator. To date, only three cryptocurrency exchanges have managed to obtain official approval from SC Malaysia, among them Luno, Sinegy and Tokenize.
Binance has big plans for Malaysia
Earlier it was reported that for testing the new payment card Binance before the official release in European countries, the company's management chose Malaysia and Vietnam. And the action of the local SC has not yet received any reaction from the crypto-exchange.
Not the first time in the last year
This is not the first time for Binance in some countries. In June 2020, it turned out that the exchange did not have a work permit in Brazil, and in February of this year, a similar statement came from the Malta financial regulator.