The Finance Ministry has confirmed that cryptocurrency exchange Binance remains unlicensed in Malaysia. In a recent statement, the ministry said Binance is not registered with the Securities Commission Malaysia (SC) to conduct capital market activities.
This means the platform operates without regulatory oversight in the country, raising concerns about investor protection. Malaysian users trading on Binance may not have recourse through local authorities if issues arise.
The announcement serves as a reminder for traders to use only licensed platforms. The Securities Commission maintains a list of authorized digital asset exchanges for public reference.
As of now, Binance has not commented on the ministry’s statement. The global crypto giant faces regulatory challenges in multiple jurisdictions.
Article and image source: nst.com.my