Malaysian Financial Watchdog Adds Binance into the List of Unauthorized Companies
The world’s leading digital currency exchange by terms of trading volume Binance has been added into the list of unauthorized companies by the Securities Commission (SC) of Malaysia who has not permitted the major crypto exchange to operate in the country. Along with Binance, the multi-asset brokerage company eToro has also been included in the list of unauthorized companies. The financial regulator has advised the public not to make any investment with any of the company which has been listed unauthorized by the SC.
Binance does not comply with the securities law
Binance is known as the top-regulated crypto exchange in the world but the Malaysian financial watchdog does not consider it as an authorized exchange because according to the financial regulator, the crypto exchange does not comply with its securities law and therefore it has not been granted permission to operate a recognized market in the country without having the authorization from the country’s SC. The financial watchdog of Malaysia said Binance is “operating a recognized market without authorization from the SC”.
According to the Malaysian law, crypto exchanges or companies that seek to operate in the country are required to register themselves as Digital Assets Exchanges with the Malaysian’s Securities Commission. Once the filing is done, they are required to meet the regulatory standards of the SC within the time frame of nine months.
However, the major exchange is still supporting the Malaysian Ringgit currency at the moment despite being listed as an unauthorized exchange by the SC.
The Securities Commission of Malaysia has granted complete approval to only three crypto platforms Tokenize, Sinegy, and Luno so far allowing them to operate in the country.
Binance’s previous disagreements with regulators
Not only the Malaysian financial regulator has called out Binance as an unauthorized crypto exchange some other financial authorities have also said the same in the past. Malta’s Financial Services Authority said back in the month of February that the crypto exchange cannot be permitted to operate in the country because of its unauthorized status. Apart from this, the Securities and Exchange Commission (SEC) of Brazil also regarded Binance as an unauthorized crypto exchange last month.
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