Binance, the world’s largest cryptocurrency exchange by trading volume, has been banned in Malaysia. The Malaysian Securities Commission (SC) issued a statement on Wednesday announcing the decision, saying that “the SC is of the view that digital assets are securities” and that Binance had been operating without a license.
This is not the first time that Binance has been banned in a country. The exchange was previously banned in China and Japan.
However, Binance has always found a way to work around these bans and continue to operate. For instance, when Binance was banned in China, the exchange simply moved its operations to Hong Kong.
It is not clear how Binance will respond to this latest ban. The exchange has not yet released a statement.
NOTE: WARNING: Binance, one of the world’s largest cryptocurrency exchanges, has been banned in Malaysia. Trading and investing in cryptocurrencies through Binance is illegal and could result in severe penalties from the Malaysian government. It is advised to refrain from using Binance for any trading or investment activities within Malaysia.
However, it is likely that Binance will find a way to continue operating in Malaysia, either by moving its operations to another country or by working with the Malaysian government to obtain a license.
The decision to ban Binance in Malaysia is likely to have been influenced by the recent hack of the Coincheck exchange in Japan. Coincheck lost over $500 million worth of cryptocurrency in the hack, and the incident has led to increased scrutiny of cryptocurrency exchanges around the world.
The Malaysian government has been relatively tolerant of cryptocurrency exchanges until now. However, the Coincheck hack appears to have changed that, and the SC’s decision to ban Binance may be part of a wider crackdown on cryptocurrency exchanges in Malaysia.
Why Is Binance Banned in Malaysia?
Binance, the world’s largest cryptocurrency exchange by trading volume, has been banned in Malaysia.
The decision to ban Binance appears to be part of a wider crackdown on cryptocurrency exchanges in Malaysia following the recent hack of the Coincheck exchange in Japan. The Malaysian government had been relatively tolerant of cryptocurrency exchanges until now, but the Coincheck hack appears to have changed that. .
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