Securities Commission: Binance & eToro Not Authorized to Operate in Malaysia
Binance is the latest addition to the Securities Commission of Malaysia’s Investor Alert List that covers those unauthorized websites, investment products, companies, and individuals that don't comply with the country’s securities law.
In Malaysia, the SC regulates persons and entities that are carrying out capital market activities, including dealing in securities, derivatives, and private retirement schemes, fund management, advising on corporate finance, investment advice, and financial planning. It also covers those that provide services as a market operator or issue or offer securities without proper approval or authorization.
As per the official website of SC, the leading spot cryptocurrency exchange is “operating a recognized market without authorization from the SC.”
Binance is still providing support for Malaysian ringgit, which was added to its P2P platform and the mobile app just a few months back.
“The public is advised not to make any investment with companies/individuals that are not licensed or approved by the SC,” said the financial regulator.
The list contains several companies, including eToro, for carrying out capital market activities of dealing in securities and derivatives without a license and operating a recognized market without authorization from the SC. Fidelity Solutions is also listed for dealing in securities and fund management without a license.
Binance has been getting flagged in other jurisdictions as well. Earlier this month, the Brazilian Securities and Exchange Commission said that the exchange is unauthorized and, as such, banned from offering derivative products in the country.
Before that in March, Malta Financial Services Authority issued a similar warning and that Binance is not subject to regulatory oversight by the MFSA.