The main cryptocurrency exchange Binance was added to the Malaysian Securities and Exchange Commission (SC) list of unauthorized companies today.
According to the regulator, the trading platform is for digital assets “Operating a recognized market without SC approval.”
Under Malaysian law, cryptocurrency exchanges must register with SC as exchanges for digital assets. After submitting for the first time, they have up to nine months to comply with SC regulatory standards.
To date, only three cryptocurrency platforms, Luno, Sinegy and Tokenize, have received full approval from the local watchdog.
In March in particular, Binance announced that it would be testing the launch of its crypto debit card in Malaysia ahead of other Southeast Asian countries.
At the time of printing Binance continues to appear to have support for Malaysia’s ringgit, which it launched in March this year for its P2P platform and mobile app.. The platform declined to comment on this story.
Cointelegraph contacted SC for further details and will update this story based on the information received.
Previous disagreements with regulators
Binance was previously vetoed by regulators in other jurisdictions.
Last month, The Brazilian securities regulator prevented the cryptocurrency exchange from offering Bitcoin (BTC) futures contracts in the country.
In February, the Maltese Financial Services Authority said: “Binance is not approved by the MFSA for cryptocurrency operations and is therefore not subject to any regulatory oversight by the MFSA.”
It is not entirely clear where Binance is based and regulated. According to the CEO of the exchange, Changpeng Zhao, also known as CZ, “there are a number of regulated companies worldwide that are operated by our partners or directly by Binance.com.” Binance’s headquarters would be registered in the Cayman Islands and Seychelles.