Binance Seeks Return to Malaysia, Holds License Talks With Local Regulators
Summary
- Global digital-asset exchange Binance said it is seeking to reenter the Malaysian market after about five years.
- Binance said it has been in talks with Malaysia’s Securities Commission (SC) and central bank (BNM) to obtain a local business license.
- Binance said it is facing regulatory issues including controversy over unauthorized operations, a hacking incident, and allegations that ringgit trading was routed through its P2P platform.
Forecast Trend Report by Period
Binance, the global digital-asset exchange, is seeking to reenter the Malaysian market after about five years.
Bloomberg reported on October 31 that Binance has spent the past 10 months in talks with the Securities Commission Malaysia and Bank Negara Malaysia over obtaining a local operating license.
A Binance spokesperson said the company is discussing the feasibility and structure of a licensed business model in Malaysia. The spokesperson did not disclose the specific type of license under discussion.
Malaysia’s securities regulator ordered Binance to halt operations in July 2021, saying it was operating a digital-asset exchange without authorization. It later removed Binance from its investor alert list in 2024, but added the exchange back earlier this month.
Binance also recently suffered a $6.3 billion hacking incident. Malaysian authorities have also raised allegations that trading in the local currency, the ringgit, took place indirectly through Binance’s peer-to-peer platform.
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