Is the Binance Ban Targeted by the Securities Commission Malaysia?

What you can do to safeguard your crypto investment

Ian Fan


Photo by Executium on Unsplash

Binance’s growth has threatened regulators around the world, from the UK to Canada, to Thailand, and now also to Malaysia. Since it’s inception in 2017 and in less than four years, Binance has grown to become the world’s #1 crypto exchange. Binance’s growth is attributed to it’s decentralization, as it is a decentralized exchange, it has grown like wildfire into 180 countries around the world.

Omgfin Exchange wrote that:

Earlier in July, Italy’s financial regulator issued a warning against Binance, stating that the platform was not authorized to offer services in the country. Apart from Italy, countries like Germany, Poland, Japan, Thailand, Singapore, the United States and the United Kingdom, among others, have also issued warnings about Binance.

Like a domino effect, Malaysia has joined in on the latest crack-downs against Binance. Securities Commission (SC) Malaysia on 30 July 2021, issued a public reprimand that they’ll be taking enforcement action against Binance for illegally operating a Digital Asset Exchange (DAX) in Malaysia.

Notwithstanding this public reprimand, since July 2020, Binance was already on the SC’s investor alert list for…