Malaysia’s financial authorities ban Binance as it does not comply with the securities laws
The Malaysian Securities Commission (SC), county’s top financial watchdog, has added Binance to a list of companies not allowed to operate on its territory, where it has been offering a range of crypto-based products.
“The public is advised not to take any investment with companies/individuals that are not licensed or approved by the SC,” said the regulator.
Yet, being blacklisted by the SC is unlikely to disrupt Binance’s operations. The SC does not have the authority to block websites – that falls in the province of the Malaysian Communications and Multimedia Commission (MCMC), which so far has mentioned nothing on the subject, according to CoinDesk.
Malaysia was pivotal when in April it became one of the first markets for Binance to roll out the testing of a debit card allowing users to pay for goods and services in crypto.
Earlier, Brazil’s Securities and Exchange Commission (CVM) prohibited Binance from issuing derivative products in the country, following a February statement by Malta authorities, claiming the exchange never had a license to operate there.