Binance is in Malaysia’s Security Commission alert list | DagangNews Skip to main content

Binance is in Malaysia’s Security Commission alert list

KUALA LUMPUR 17 July - One of the world’s most popular cryptocurrency exchange platforms, Binance among other entities listed in Securities Commission (SC) Malaysia alert list.

The list entails the unauthorized entities in carrying out regulated activities in Malaysia.

As Binance is not registered with SC as a Digital Asset Exchange (DAX), thus the warning emerged.

To note, Binance provides a platform for trading various cryptocurrencies and has the largest trading volume in the world.

binance

In Malaysia, there are currently only three cryptocurrency exchanges that have gained consent from SC to establish and operate digital assets namely Luno, Tokenize and SYNEGY.

This is following the coming into force of the Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 that introduces new requirements for DAX operators.

Any DAX that operates in Malaysia without the SC’s approval is an offence under this country’s security law.

Any conviction may be liable to a fine not exceeding RM10 million or imprisonment up to 10 years or both.

Previously, the SC’s Shariah Advisory Council (SAC) announced that digital assets trading is allowed.

The commission said SAC has resolved that in principle, it is permissible to invest and trade in digital currencies and tokens on registered digital asset exchanges. - DagangNews.com