UK Markets open in 7 hrs 9 mins

Malaysia regulator takes enforcement action against Binance

·1-min read
FILE PHOTO: Binance app is seen on a smartphone in this illustration

KUALA LUMPUR (Reuters) - Malaysia has taken enforcement action against cryptocurrency platform Binance to stop it operating in the country, the Securities Commission said on Friday.

The Commission said it had issued a public reprimand against Binance Holdings Limited, its CEO Zhao Changpeng and three other entities registered in the United Kingdom, Lithuania and Singapore, for continuing to operate in Malaysia despite being added to the regulator's investor alert list a year ago.

The regulator ordered Binance to disable its website and mobile applications, cease media and marketing activities, as well as restrict Malaysian investors from accessing its Telegram group.

"Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately," it said.

Binance said on Friday it would wind down its futures and derivatives products offerings across Europe as the platform faces growing pressure from regulators across the world.

(Reporting by Liz Lee; editing by Jason Neely)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting