Malaysia’s Watchdog SC adds Binance to Investor Alert List

SC's website describes Binance as "Operating a recognized market without authorisation from the SC".

By · Jul 17, 2020 . 5min read

The Securities Commission – SC of Malaysia updated its website recently and it shows Binance has been added to the list of companies operating without proper regulatory approval within its jurisdiction.

Malaysia’s Security Commission – SC routinely alerts investors through publications on its website where it shows a list of companies that do not comply with its security laws.

Binance exchange recently through its P2P platform added support for a slew of fiat currencies together with Malaysia’s ringgit. The largest global cryptocurrency exchange by trade volume supports about 54 fiat currencies. Users can buy crypto with fiat directly on its website. Malaysians could also buy and cash out directly in ringgit.


SC’s website describes Binance as “Operating a recognised market without authorisation from the SC”. As listed on its website, any firm that deals in securities, derivatives, funds management falls under its purview. Other services such as advising on corporate finance, investment advice, financial planning are equally not exempted.

SC also listed other notable exchanges like Remitano and etoro

However, Binance is not the only cryptocurrency service firm that made this list. Other entities like etoro contract for difference (CFD) trading platform described as “Carrying out capital market activities of dealing in securities and derivatives without a licence, and (b) Operating a recognized market without authorisation from the SC” falls in the category of firms listed in SC’s website.

Remitano operating under the company name Babylon Solutions Limited is also another cryptocurrency platform that made the list. Remitano acts as a retail OTP and P2P platform where users trade cryptocurrencies for fiat.

With constant regulatory oversight in place and Travel rule, FATF applauds the public sector for its commitment at regulating virtual assets and Virtual Assets Service Providers like Binance and other cryptocurrency exchange listed on Malaysia’s SC website.

Binance likes to move fast, perhaps it will consider this and act to remove its name from the list.

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