Binance banned in Malaysia, given 14 days notice to shut down operations

Regulation

Malaysia is the latest regulatory theater to come after Binance as authorities in the country have accused the exchange giant of continuing to operate in the country illegally.

According to an announcement released on Friday, the Securities Commission of Malaysia has served a public reprimand against Binance calling for the exchange and all of its entities to cease operations in the country.

Binance has 14 business days from July 26 to comply with the order that includes disabling its website and mobile apps as well as discontinuing any media campaign for its services in the country.

The announcement also mandated Binance CEO Changpeng Zhao to ensure full compliance with the order. Malaysia’s securities regulator also urged citizens to desist from trading with crypto exchanges operating in the country illegally.

This story is developing and will be updated.

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