Binance Seeks Re-Entry to Malaysia, Holds License Talks With Regulators
Summary
- The global digital-asset exchange Binance said it is seeking to re-enter the Malaysian market after about five years.
- Binance said it has been in talks with the Securities Commission Malaysia (SC) and Bank Negara Malaysia (BNM) over obtaining a local business license.
- Malaysian authorities ordered Binance to halt operations, placed it back on an investor alert list, and raised allegations that ringgit trading was conducted indirectly on its P2P platform.
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Binance, the global digital-asset exchange, is seeking to re-enter the Malaysian market after about five years.
Bloomberg reported on Oct. 31 that Binance has spent the past 10 months in talks with the Securities Commission Malaysia and Bank Negara Malaysia over obtaining a local business 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.
The Securities Commission Malaysia ordered Binance to halt operations in July 2021, saying the exchange was operating an unlicensed digital-asset trading platform. It later removed Binance from its investor alert list in 2024, but added the company back earlier this month.
Malaysian authorities have also raised allegations that trading in the local currency, the ringgit, was conducted indirectly through Binance's peer-to-peer, or P2P, platform.
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