,The SC ordered all four Binance entities to disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from July 26.
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KUALA LUMPUR: The Securities Commission (SC) has taken enforcement actions against major cryptocurrency exchange Binance for illegally operating a digital asset exchange (DAX).
The SC told Malaysian investors to stop dealing and investing with the exchange.
In a statement yesterday, it said those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.
The SC said Binance was illegally operating a DAX despite being included in the SC’s investor alert list in July 2020.
Reuters reported Binance said it would wind down its futures and derivatives products offerings across Europe, a move that comes after unprecedented pressure from regulators across the world.
Binance users in Germany, Italy and the Netherlands will, with immediate effect, not be able to open new futures or derivatives products accounts, the exchange said in a statement on its website.
In a statement by the SC earlier, the regulator said under Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007, all DAX operators must be registered as recognised market operators by the SC.
Accordingly, the SC issued a public reprimand against Binance Holdings Ltd, which is registered in the Cayman Islands, its CEO Zhao Changpeng, as well as three other Binance entities.
The three entities are Binance Digital Ltd (registered in the UK), Binance UAB (registered in Lithuania) and Binance Asia Services Pte Ltd (registered in Singapore).
The SC ordered all four Binance entities to disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from July 26.
It also ordered immediate cease of all media and marketing activities and restrict Malaysian investors from accessing Binance’s Telegram group.
The SC said Zhao, as the CEO of Binance Holdings, was specifically ordered to ensure the above directives are carried out.
“The public are reminded to alert the SC if they come across any suspicious websites or receive any unsolicited phone calls or e-mails offering investment advice," it cautioned.