Binance, the world’s largest cryptocurrency exchange, is in international hot water. 🥵
The exchange was just scolded by the Malaysian government for operating an illegal digital asset exchange (DAX). Malaysia’s Securities Commission has ordered Binance to halt all operations and marketing in the country within 14 days.
Malaysia’s Securities Commission advised:
“Those who currently have accounts with Binance are strongly urged to immediately cease trading through its platforms and to withdraw all their investments immediately.”
Authorities in the UK, Japan, Germany, The Netherlands, and Italy have also cut off Binance’s derivatives trading and other services—even India’s anti-money laundering agency is investigating a betting scandal involving a Binance acquisition. 🚨
Binance’s CEO, Changpeng Zhao, has likened regulatory inquiries and action to “FUD” on Twitter in the past. The executive claims to be addressing communications with regulators, but this is an awful lot of international heat. 🔥