Malaysia’s Securities Commission (SC) has added popular cryptocurrency exchange Binance to its list of unauthorized companies, saying the platform is “operating a recognized market without authorization.”
As first reported by TheBlock, Binance offers fiat-to-crypto and peer-to-peer cryptocurrency trading services in the country involving its fiat currency, The Malaysian ringgit. The addition does not make it clear whether the exchange can keep offering its services or whether it needs to halt them.
The regulator said:
The public is advised not to make any investment with companies/individuals that are not licensed or approved by the SC
Malaysia’s Securities Commission added the cryptocurrency exchange to its list of unauthorized companies at a time in which Binance started to roll out its cryptocurrency debit card in Europe, with plans to expand to other countries throughout the world.
As reported, back in February of this year Malta’s financial watchdog, the Malta Financial Services Authority (MFSA) issued a statement claiming the cryptocurrency exchange was “not authorized” to operate in the country, even though Binance had documents claiming it was based in Malta.
Last month, Brazil’s equivalent of the U.S. Securities and Exchange Commission, the Comissão de Valores Mobiliários (CVM), blocked Binance from offering derivative products in the country. Per the CVM, Binance did “not hold authorization” to act as an intermediary for securities in Brazil, after deeming that derivative contracts are securities, regardless of whether the underlying assets are cryptocurrencies.
Binance was to immediately suspend the “broadcasting of any public offering of securities intermediation services,” including derivatives products or else face a daily fine of R $1,000 ($186).
Featured image via Pixabay.