Binance, a popular cryptocurrency exchange platform, has just been added to the Securities Commission (SC) Malaysia’s list of unauthorised entities. This means Binance is operating without a license in the Malaysian market and they are not authorised to carry out regulated activities in Malaysia.
As highlighted by FinTech Malaysia, crypto exchange platforms must be registered as a Digital Asset Exchange (DAX) with the SC. At the moment, there are 3 exchanges that have received approval from the SC which include Luno, SINEGY and Tokenize. The SC’s website has a list of unauthorised websites, investment products, companies and individuals, which recently included social trading platform eToro.
The SC has recently warned the public against the usage of Crypto ATM which allows individuals to buy or sell digital assets via cash, debit, credit cards and eWallets. These services are not protected under Malaysia’s securities law and are exposed to various risks including fraud and money laundering.
All unauthorised Crypto ATM operators in Malaysia are told to cease their activities immediately as it is an offence under the securities law to operate without authorisation from the SC. Those convicted are liable to a fine of not more than RM10 million or imprisonment of up to 10 years of both.
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