Securities Commission Malaysia Adds Binance to Investor Alert List of Unauthorised Entitiesby Fintech News Malaysia July 17, 2020
Securities Commission Malaysia (SC) today added the popular crypto exchange platform Binance to in its investor alert list which warns the general public about entities that are not authorised in carrying out regulated activities in Malaysia.
They were added to the list for “operating a recognized market without authorisation from the SC.” To operate a crypto exchange in Malaysia an entity is required to be registered as a Digital Asset Exchange (DAX). Currently, there are only 3 crypto exchanges that received the nod to operate in Malaysia, they are namely — Luno, SINEGY and Tokenize.
This comes after a warning from the regulator that crypto ATMs are also required to be a registered DAX platform to operate in Malaysia. Securities Commission Malaysia previously reminded the public that operating a DAX without authorization from the SC is an offense under Malaysian securities laws. Anyone convicted may be liable to a fine not exceeding RM10 million or imprisonment up to ten years or both.
Members of the public may verify if a digital asset operator is registered with the SC here
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