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Malaysia SC orders the website shut down to control illegally op
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Date：2024-04-04 18:17:49 Channel：Trade Read：
In today's booming digital economy, digital asset exchanges play an important role. However, the current situation of chaos and rampant illegal transactions has also aroused the high vigilance of regulatory authorities. Recently, the Securities Commission of Malaysia (SC) issued a closure order aimed at curbing the activities of illegal digital asset exchanges to maintain financial order and investor rights. This move has aroused widespread attention and heated discussion, and also triggered in-depth thinking and discussion on the compliance operations of digital asset exchanges.**Chaos in digital asset exchanges**The four most famous international exchanges:
Binance INTL
OKX INTL
Gate.io INTL
Huobi INTL
China Line APP DL China Line APP DL
China Line APP DL
China Line APP DL
Note: The above exchange logo is the official website registration link, and the text is the APP download link.
In the field of digital asset trading, there are some illegal exchanges. They often attract investors with high returns and low thresholds, but they hide huge risks and uncertainties. These illegal exchanges often lack supervision, operate opaquely, and engage in market manipulation, arbitrage speculation and other behaviors, causing huge losses to investors and seriously disrupting market order. The Malaysian SC's attack is precisely to crack down on these illegal exchanges and warn market parties not to touch the bottom line of financial laws.**SC’s decision**As the guardian of the financial market, Malaysia SC has always been committed to maintaining market order and investor rights. This closure of illegal digital asset exchanges highlights the determination and strength of the regulatory authorities. By shutting down these illegal exchanges, SC sent a strong signal to the market: any illegal financial activities will be severely punished, and the rules of the financial market cannot be challenged. This zero-tolerance stance helps purify the financial market environment and improve the transparency and fairness of financial transactions.**Importance of Compliance Operation**Corresponding to illegal exchanges are digital asset exchanges that operate in compliance with regulations. These legal exchanges strictly abide by regulatory regulations, protect the rights and interests of investors, and promote the healthy development of the digital economy. This action by the Malaysian SC is also to call on digital asset exchanges to consciously comply with regulations and not to touch the regulatory bottom line. Only on the track of compliant operations can digital asset exchanges continue to develop, bring more opportunities to investors, and make greater contributions to economic and social development.**Investor Protection Responsibility**As market participants, investors bear the responsibility of coexisting risks and opportunities. When choosing a digital asset exchange, investors need to choose carefully, be wary of the temptation of illegal exchanges, invest rationally, and avoid falling into the vortex of speculation. While regulatory action is important, investors' awareness of self-protection and risk awareness are equally indispensable. Only through dual efforts can the stability and security of the financial market be jointly maintained.**The way forward**As the digital economy flourishes, digital asset exchanges will continue to play an important role. In this process, regulatory authorities, exchanges and investors must work together to build a transparent, orderly and healthy financial ecosystem. The Malaysian SC’s move to close illegal digital asset exchanges is to lead the industry to develop in a more standardized, transparent and healthy direction and to protect the sustainable development of the digital economy.**Maintain financial order and protect the future of investment**In the financial market, order is the top priority. Only in an orderly environment can investors participate with confidence and companies can operate with confidence. The measures taken by the Malaysian SC are not only a crackdown on illegal exchanges, but also a defense of financial order and the protection of investors’ interests. In the future, we look forward to a more standardized, transparent, and fair financial market, so that every investor can realize his or her wealth dream, and every investment can become a flower of hope for the future.**Conclusion**
The Securities Commission of Malaysia (SC) announced on the 30th that it would take enforcement action against () for illegally operating a local digital asset exchange (DAX).
The statement pointed out that under the Capital Markets and Services Act 2007, all DAX operators must register with the SC as a permitted market operator (RMO). Therefore, Binance has been included in the SC's investor warning list in July 2020. The agency has also publicly condemned Binance for continuing to operate illegally in Malaysia.
Emphasizing that this public reprimand is directed at Binance Holdings Limited (registered in the Cayman Islands), its CEO Changpeng Zhao (CZ), and three other Binance entities, including Binance Digital Limited (registered in the United Kingdom) , Binance UAB (registered in Lithuania), Binance Asia Services Pte Ltd (BinanceAsiaServicesPteLtd, registered in Singapore).
SC has ordered all 4 Binance entities:
1. The Malaysian website (www.binance.com) and mobile applications will be closed within 14 working days starting from July 26, 2021.
2. Immediately cease all media and marketing activities, including the dissemination, publication or sending of any advertising and/or other marketing materials to Malaysian investors by email or otherwise.
3. Immediately restrict Malaysian investors from accessing Binance’s Telegram group
Moreover, CZ, as the CEO of Binance Holdings, was specifically ordered to ensure that the above orders are complied with.
The SC also reminded investors to stop using illegal DAX transactions and strongly requested Binance users to immediately stop trading through the platform and withdraw all funds.
Since June, Binance has been issued warnings by regulatory authorities in Japan, the United Kingdom, Thailand, the Cayman Islands, Singapore, Lithuania, Poland, and Hong Kong for illegal operations.
Many adjustments have also been made to internal policies, such as lowering the futures contract leverage limit for new users from 125 times to 20 times this month, and will gradually apply to old users; the withdrawal service for pounds and euros was also suspended, and only in April this year. The equity token product (stock token) launched was also announced to be closed this month.
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