By Mark L - Crypto Broker - 02-08-2021
In recent news, Binance will be ceasing all operations in Malaysia within the next two weeks. The company will also be discontinuing its futures and derivatives products in European countries, including Italy and Germany.
Malaysia's Securities Commission ordered Binance to cease and disband their business in the country within the next 14 days. It's reported that the Malaysian SEC (securities and exchange commission) ordered the large crypto exchange platform to stop all business due to Binance illegally operating within the country.
According to the country's SEC, the extent of Binance's closure in Malaysia is that they were ordered to suspend both its website and mobile applications. Aside from disabling their website and mobile apps in the country, Binance had to halt marketing in Malaysia immediately. Binance also had to terminate all services to any Malaysian investor immediately.
Binance is no stranger to not complying with country laws, and in fact, the Malaysian SEC barring the crypto trading platform comes after they had already added the company to the country's alert list. The SEC had initially added Binance to the list of unlawful firms back in July 2020 to prevent the company from having any business within Malaysia.
According to the commission, all crypto market investment sites must be registered to operate within the country of Malaysia legally. Despite Malaysia's strict laws in place, Binance has been warned several times recently by the SEC. Binance has been barred from functioning and providing services in other areas due to its infamous nature to comply with local regulators.