SC adds largest cryptocurrency exchange platform Binance to Investor Alert list

SC adds largest cryptocurrency exchange platform Binance to Investor Alert list
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KUALA LUMPUR (July 17): Binance, the world’s largest cryptocurrency exchange platform, has been added to Securities Commission Malaysia (SC)’s Investor Alert List, which lists out entities that do not comply with Malaysia’s securities law.

On its website, the regulator said Binance is operating a recognised market without authorisation from the SC.

It is also noted that Binance’s peer-to-peer (P2P) platform had in March added support for users to buy certain cryptocurrencies including Bitcoin, USD Tether and Ethereum using Malaysian ringgit.

The alert list includes persons or entities that carry on capital market regulated activities without a licence or registration including dealing in securities, derivatives, fund management, advising on corporate finance, investment advice, financial planning and private retirement schemes.

It also includes those providing services as a market operator or those that issue or offer securities without proper approval, authorisation or recognition.

Binance commenced operations in July 2017 in China, but had later moved its operations into Japan, ahead of the Chinese government’s ban on cryptocurrency trading in September 2017.

It is currently the largest exchange with a 24-hour trading volume of US$5.27 billion at the time of writing, followed by Huobi Global (US$3.59 billion) and Coinbase Pro (US$365 million).

The SC had previously added other crypto-related platforms on its Investor Alert List, including contract for difference (CFD) trading platform eToro as well as P2P exchange Remitano.