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Malaysia regulator takes enforcement action against Binance


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FILE Image: Biance application is witnessed on a smartphone in this illustration taken, July 13, 2021. REUTERS/Dado Ruvic/Illustration

July 30, 2021

KUALA LUMPUR (Reuters) – Malaysia has taken enforcement motion in opposition to cryptocurrency system Binance to prevent it functioning in the state, the Securities Fee claimed on Friday.

The Commission claimed it experienced issued a community reprimand in opposition to Binance Holdings Constrained, its CEO Zhao Changpeng and 3 other entities registered in the United Kingdom, Lithuania and Singapore, for continuing to function in Malaysia regardless of being included to the regulator’s investor inform record a 12 months ago.

The regulator requested Binance to disable its site and cellular purposes, stop media and advertising and marketing routines, as nicely as restrict Malaysian traders from accessing its Telegram group.

“Those who at present have accounts with Binance are strongly urged to instantly stop trading as a result of its platforms and to withdraw all their investments straight away,” it mentioned.

Binance reported on Friday it would wind down its futures and derivatives products and solutions offerings throughout Europe as the platform faces rising pressure from regulators throughout the globe.

(Reporting by Liz Lee editing by Jason Neely)

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