13 Aug - 2 min read
Binance has finally announced that it will be taking several measures in a move to remain compliant with local regulations, just one business day before the 16 August deadline set by the Securities Commission of Malaysia (SC).
Following the SC’s stern enforcement actions at the end of July, the world’s biggest digital assets exchange (DAX) has announced that it will cease the following products and offerings in Malaysia:
The cessation of the first three products and offerings will take place on 16 August at 12pm, while the P2P trading pairs in MYR had a much shorter heads up – it has already been suspended by Binance at 9pm local time.
However, despite the removal of P2P MYR trading pairs services, several P2P merchants appear to continue offering their services at inflated rates at the time of writing. (Update: The listings have been removed.)
Effectively, Binance has closed all first-party avenues for users to invest/use Malaysian Ringgit in any form on Binance. Similarly, current Binance users will not be able to withdraw their investments into MYR through Binance – they may still do so via transferring their tokens into other exchanges.
Besides the three measures mentioned above, some users have pointed out that the Binance app is no longer available on both the Google Play Store and Apple App Store. Finally, the statement also clarifies that Binance does not operate any Telegram channel or online communication channels in Malaysia, and ends it with a willingness to collaborate with local regulators.
The Binance website and apps continue to be operational at the time of writing.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world