Finance ministry says Binance is not licensed or registered with the SC to conduct capital market activities in Malaysia.
Anwar, who is also finance minister, said the Securities Commission of Malaysia (SC) had removed Binance from its Investor Alert List in 2024 as the company no longer conducted regulated activities in Malaysia.
However, Binance’s website and application remain banned from being accessed by users in Malaysia, he said.
“The SC will continue monitoring developments and will take appropriate action if there are breaches of the law or new risks (posed by Binance) to local investors.
“Nonetheless, at this time, Binance is not licensed or registered with the SC to conduct capital market activities in Malaysia,” he said in a written parliamentary reply.
He was responding to former finance minister Lim Guan Eng (PH-Bagan), who asked whether the SC plans to issue Binance a licence to operate in Malaysia.
Anwar said the SC was prepared to engage with global players interested in participating and developing the Malaysian capital market.
“Any party wishing to carry out regulated activities in Malaysia must obtain a licence or register with the SC under the Capital Markets and Services Act.
“All formal applications are subject to the relevant assessment process to ensure compliance with the SC’s regulatory requirements,” he added.
Binance is the world’s largest cryptocurrency exchange. It operates in nations like Australia, Cambodia, India, Indonesia, Japan, New Zealand, the Philippines, Taiwan and Vietnam.
It is in discussions to operate in the European Union and also plans to expand further in Asia, according to Reuters.
Binance was added to the SC’s Investor Alert List in July 2020 before the commission formally banned access to Binance’s website and app a year later after it continued to operate illegally. - FMT
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