Binance has officially begun winding down its operations in Malaysia and officially states that it will cease several of its product services and offerings in Malaysia. The services include trading pairs, payment options, and P2P merchant applications for the Ringgit.
In addition, Binance also says that it will not operate any Telegram channel or any other form of online communication channels in Malaysia. At the time of writing, the cryptoexchange has ceased all Malaysia-based P2P trades and removed all trade advertisements from its service, in order to avoid possible “trading disputes”.
Back at the end of July, the Malaysian Securities Commission (SC) issued a cease-and-desist letter to the Digital Asset Exchange (DAX), accusing it of illegally operating within the country. Unlike other DAXs that are allowed to operate in the country, Binance is not an officially registered market operator. To date, only three DAXs are allowed to operate in the country: Luno, SINEGY, and Tokenize.
At the time of writing, Binance did not specify if it intends to make a comeback into the Malaysian market. If it did, though, it is very likely that the service may only be able to do so in a limited capacity and with far less digital coins to ply to local investors.
(Source: Binance. Image: Budrul Chukrut/SOPA Images/LightRocket via Getty Images, Dado Ruvic/Reuters.)