Following Security Commission’s (SC) notice last month, Binance has announced that it is ceasing several product offerings for the Malaysian market. The decision was made after evaluating its product and service offering to remain compliant with local regulations.
Effective Monday, 16th August 2021 at 12.00pm local time, Binance will no longer offer MYR trading pairs, MYR payment options and P2P merchant applications. The announcement added that MYR trading pairs will be removed this evening, 13th August 2021 at 9:00pm. Users are advised to complete all related P2P trades and remove related trade advertisements by 8pm this evening to avoid potential trading disputes.
In response to one of SC’s demands, Binance also clarified that they do not operate any Telegram channel or online communication channels in Malaysia.
The statement added “Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”
The SC has been cracking down on unauthorised platforms and services that offer cryptocurrency trading. In April, they instructed the MCMC to block access to Remitano, which is a popular P2P cryptocurrency platform. Last month, the SC ordered Binance to disable their website, applications, media and marketing activities in Malaysia within 14 business days from 26th July 2021.
At the moment, the SC has only authorised four digital asset exchanges in Malaysia. This includes Luno, Sinergy, Tokenize and MX Global. The approved platforms are allowed to offer cryptocurrency trading of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH).
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