According to the Reuters report, the Malaysian financial regulator 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. Binance has been facing regulatory scrutiny from regulators across countries for a few months.
Regulator orders Binance to disable its website and mobile applications.
The financial 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,” the Malaysian financial regulator said. Binance had earlier announced that it would wind down its futures and derivatives product offerings across Europe as the platform faces growing pressure from regulators worldwide.
Binance announces to work towards regulatory compliance across the globe.
This week Binance CEO Changpeng Zhao revealed that the crypto company would shift gears and begin working towards regulatory compliance across the globe. Zhao Tweeted several posts on Tuesday about the direction of his crypto exchange. The CEO stated that he had hosted a one-hour press conference and shared important updates after the call ended. The posts serve to catch the public up on what steps the company is making toward its goal of gaining global compliance with regulators. The world’s leading crypto exchange that has been under fire by regulators in numerous countries over the past few months, including Canada, Italy, Japan, Hong Kong, Lithuania, Thailand, and Great Britain, will now work towards regulatory compliance.
(Thread) We just hosted a 1-hour press conference to share the active steps we’re taking to build upon our efforts to be more compliant with local regulations everywhere.
I’d like to share these updates with you now too.
— CZ 🔶 Binance (@cz_binance) July 27, 2021