Binance is not authorized to operate in Malaysia, says the country's financial regulator

The Securities Commission (SC) of Malaysia has put crypto exchange Binance under its list of unauthorized companies.

The regulator said Binance is "operating a recognized market without authorization." Binance offers fiat-to-crypto and peer-to-peer crypto trading services via Malaysian ringgit.

"The public is advised not to make any investment with companies/individuals that are not licensed or approved by the SC," said the regulator.

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It is not clear whether Binance can continue offering support for Malaysian ringgit or needs to stop it. The exchange declined to comment when reached. The Block has reached out to the SC and will update this story should we hear back.

Earlier this month, Brazil's Securities and Exchange Commission also said Binance is unauthorized and therefore banned it from offering derivative products in the country.

In March, Malta's financial regulator issued a similar warning against Binance, saying that the exchange is not authorized to operate in the country and is not subject to its regulatory oversight.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.