August 16, 2021

Official: Binance Limits Product Offers In Malaysia!

 In the face of various pressures from authorities in various countries, Binance finally had to comply to comply with local regulations. Previously Binance has received pressure from European countries, South Korea and most recently from Malaysia.

Today, Binance officially made an announcement on their website that limits almost all local services in Malaysia as well as South Korea. The announcement comes weeks after the Securities Commission (SC) gave early notice.

This decision was taken by Binance to comply with the rules set by the authorities. In the latest announcement, Binance has stopped offering crypto trading with the MYR pair and discontinued the Malaysian ringgit deposit service. So credit card/ bank transfer cannot be used.

At the same time, applications to become P2P merchants were also stopped. Binance emphasizes that, “our goal is to create a sustainable ecosystem in blockchain technology and crypto assets”.

Binance also welcomes any developments in crypto rules and is ready to cooperate. Previously, the Securities Commission Malaysia had issued an advance notice giving a period of 14 days to carry out the proper things.

For everyone’s knowledge, the law in force requires cryptocurrency exchange platforms to register as Digital Asset Exchange with the SC. After initial filing, they found that it took up to 9 months to meet SC regulatory standards.

So far, apart from the 3 things above, there is still no official announcement. To date, only 3 cryptocurrency exchange platforms have obtained approval and authorization by the SC, namely Luno, Sinegy and Tokenize.