The Securities Commission announced Friday that Malaysia had taken enforcement action against Binance, a cryptocurrency platform, to prevent it from operating in Malaysia.
The Commission stated that it had issued a public warning against Binance Holdings Limited’s CEO Zhao Changpeng, and three other entities in Singapore, Lithuania, and the United Kingdom for continuing to operate from Malaysia, despite having been added to the regulator’s investor alert list one year ago.
Binance was ordered by the regulator to remove its website and mobile apps, stop media and marketing activities and restrict access for Malaysian investors to its Telegram group.
It stated that Binance account holders are strongly encouraged to stop trading on its platforms immediately and withdraw all investments.
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Binance announced Friday that it will close its derivatives and futures product offerings in Europe, as the platform is under increasing pressure from regulators around the globe.