- Binance exchange has the next two weeks to suspend its operations in Malaysia.
- Binance users in Germany and Italy will not access derivative and futures offerings.
Malaysian regulators commissioned the crypto exchange Binance to suspend its operation in the coming 14 days. That was after the regulators found out that the exchange offers illegal cryptocurrency services.
The announcement stated that Binance has to disable its mobile App and website two weeks from 26 July. However, the exchange was to suspend all its marketing and media activities immediately. Also, the regulators ordered an immediate restriction for Malaysian traders from accessing the Telegram channel by Binance.
Keep in mind that such moves come after the authorities added the exchange to the nation’s alert list of unregulated platforms in 2020 July. The commission requires all trading platforms in the country registered. Moreover, the regulators offer a public warning against Binance Holdings, Zhao Changpeng, its CEO, and the other three Binance entities. The three include Lithuanian registered Binance UAB, the UK registered Binance Digital Ltd, and Singapore registered Binance Asia Pte Ltd.
Binance has received multiple warnings over the past few months because it failed to comply with local regulations. Some jurisdictions banned the exchange from operating. Besides Malaysian crackdowns, other authorities in Hong Kong, Thailand, Germany, the US, Italy, and Japan are targeting the crypto exchange.
Meanwhile, Gray Worrall, Crypto Facilities CEO, one among the first DEXs in Europe to receive an operating license, stated that his company struggled to get the correct licensing. He also declared that Cryptocurrency is no longer a Wild West.
Meanwhile, on Friday, Binance banned its derivatives and futures offerings in Italy, Germany, and Netherlands. These nations will have three months to end their existing positions. Binance has been operating since 2017, offering decentralized services without formal headquarters. Remember, the exchange relocated to Cayman Island after its activities in China. Such physical scattering seems to have annoyed regulators.
Meanwhile, on 27 July, Zhao explained the network’s plans to cooperate with international regulators. He further declared that if regulators want Binance’s offices, the exchange will ensure regional headquarters assure a straightforward structure. The CEO also said that Binance intends to be a regulated financial platform.