Of late, Binance has been making news following regulatory pressure from all across the globe. This stress seemed to be increasing as regulators from India as well as Malaysia have got their eyes on the world’s largest cryptocurrency exchange.
Over the last few weeks, Binance has been undergoing immense scrutiny particularly from regulators in the UK, Japan, and Ontario. While the exchange has been dealing with this, a few other countries decided to join the list. India’s stance on the crypto-verse has always been puzzling, however, this time Malaysia went on to take down the exchange.
In a recent announcement, the Securities Commission of Malaysia released a statement asking Binance to put a hold on all its entities in the region. The regulator gave the crypto exchange a window of 14 days starting from 26 July to address the issue and take down its mobile application as well as the website. Additionally, any sort of campaign through media was also asked to be discontinued.
The announcement further read.
“Investors are advised to stop dealing with and investing through illegal DAX. Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.”
Along with this, Bloomberg revealed that an anti-money laundering entity in India was probing Binance. The regulator would reportedly question the exchange about its association with a Chinese betting application. Even though nothing has been discovered, WazirX has been under the purview of the government for allegedly being a part of a $134 million money laundering case.
Binance ceases futures and derivatives functions across Europe
Amidst the exchange’s fallout with the UK, it was seen shutting shop. The exchange has elevated its move of steering away from Europe and has decided to terminate its futures and derivatives function. Users from Germany, the Netherlands, and Italy would be barred from creating new futures or derivatives accounts.
