Binance is in talks with Malaysian regulators over securing an operating license, seeking to re-enter the local market.
1 hours ago
According to a Bloomberg report, Binance stated it is discussing the feasibility and structure of a licensed business model with Malaysian regulators, aiming to formally re-enter the local market. A spokesperson for the exchange added that it has been in communication with Malaysia’s Securities Commission (SC) and Bank Negara Malaysia over the past 10 months, but did not disclose the specific type of license it intends to apply for. In July 2021, Malaysia’s Securities Commission deemed Binance’s digital asset trading platform operations illegal, ordering it to halt its local business and marketing activities. The regulator removed Binance from its investor alert list in 2024, but re-listed the exchange this month without giving a reason. In response to a request from Member of Parliament Lim Guan Eng to investigate whether Binance’s P2P platform facilitated ringgit transactions under the guise of other currencies, Binance said it has voluntarily shut down a Papua New Guinean kina trading market that was informally linked to the Malaysian ringgit. The latest complaint concerns individual advertisements posted by a non-Malaysian user on the Romanian leu market. Binance noted this does not represent a continuous effort to evade local laws, and added that it will continue to cooperate with regulators to provide services in a compliant manner.
Intercontinental Exchange (ICE), parent company of the New York Stock Exchange (NYSE), has reposted its tweet on the partnership with Trade.xyz, adding wording such as "subject to regulatory approval".
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