Malaysian regulator: Binance is not eligible to operate in the country

Binance, the world's largest cryptocurrency exchange, has today been added by the Securities Commission (SC) of Malaysia tolist of unauthorized companies. According to the regulator, the digital asset trading platform "functions as an official exchange without SC authorization."

According to the current legislation,cryptocurrency exchanges must be registered as digital asset exchanges in SC. To bring their activities in line with the requirements of the regulator, the exchanges have nine months from the date of filing an application for registration.

At the moment, only three cryptocurrenciesplatforms - Luno, Sinegy and Tokenize - have received full approval from the Malaysian Securities Commission. Notably, Malaysia and Vietnam were selected by Binance to test its payment card ahead of a full launch in Europe. Binance representatives did not comment on this situation in any way.

Last month about the lack of officialThe Brazilian regulator announced permission to operate Binance. In February, the Malta Financial Services Authority (MFSA) reported that Binance had not received a license to operate in the country. The regulator said in a statement that the Binance exchange “is not authorized by the MFSA to operate in the cryptocurrency industry and, accordingly, is not subject to regulatory oversight by the MFSA.” In this way, the department responded to recent media statements in which Binance was incorrectly referred to as a “Maltese cryptocurrency company.” The MFSA insisted that the exchange "cannot possibly fall within the scope of regulatory oversight."

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