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  • Robert Tu (R2)

Take your money outโ— SC cracks down on Binance ๐Ÿšจ

Kuala Lumpur (30/7/2021)

The Securities Commission strongly urged Malaysians to cease trading through its platforms and to withdraw all their investments immediately. SC took enforcement actions against major cryptocurrency exchange Binance for ๐Ÿ“› illegally operating a digital asset exchange (DAX).

The SC said Binance was illegally operating a DAX despite being a SCโ€™s investor alert list in July 2020

Following a move that comes after unprecedented pressure from regulators across the world, Binance said it would wind down its futures and derivatives products offerings across Europe.


All DAX operators must be registered as recognized market operators (RMO) by the SC under Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007

Image from The Verge

The SC ordered all Binance entities to:

  1. Disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021

  2. Immediately cease all media and marketing activities, including circulating, publishing or sending any advertisements and/or other marketing material, whether via emails or otherwise, to Malaysian investors

  3. Immediately restrict Malaysian investors from accessing Binanceโ€™s Telegram group


The public should alert the SC if they come across any suspicious websites or receive any unsolicited phone calls or e-mails offering investment advice and opportunities, especially those that claim to offer high returns with little or no risks.


Queries or complaints can be made to the SC at

๐Ÿ“ž: +603 6204 8999

๐Ÿ“ง: aduan@seccom.com.my.


(Source: Securities Commission)



For other news on scams:

  1. ๐Ÿ’ฅNever-Ending Scammers ๐Ÿ’ธ Where to get helpโ“

  2. 3 Datuks were arrested involving scams๐Ÿ’ธ worth losses of around RM1 bil

  3. ๐Ÿ›‘ Scams are Everywhere โ—

  4. ๐Ÿ‘ฎโ€โ™‚๏ธ Bukit Aman has detected online Unlicensed Cryptocurrency Investments ๐Ÿšจ


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