Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Crackdown on Binance spreads

Crackdown on Binance spreads

The global regulatory crackdown on the world’s largest cryptocurrency exchange has deepened, with Malaysia issuing enforcement actions for alleged illegal operations.
Binance, its CEO Changpeng Zhao and three affiliates have been ordered to disable Binance.com and mobile applications in the country within 14 business days from July 26, according to a statement issued by Securities Commission Malaysia.

They should also stop media and marketing activities to Malaysian consumers and immediately restrict the country’s investors from accessing Binance’s Telegram group, according to the order.

Zhao has “been specifically ordered to ensure that the above directives are carried out”, the statement said.

A Binance representative told Bloomberg News that the company is aware of the notice, while adding that Binance.com does not operate out of Malaysia.

“Binance takes a collaborative approach in working with regulators in navigating this emerging industry and we take our compliance obligations very seriously,” the representative said in an email.

Separately, the company announced on Friday that it plans to wind down its futures and derivatives products offerings in Germany, Italy and the Netherlands. Users from those countries can no longer open accounts for such products. At one point, the firm will give people in those countries 90 days to close open positions, it said.

This week, the company said it was preparing to change its structure from a nebulous one with no headquarters that has helped it grow so quickly, to one with regional bases that will be focused on compliance and aim for licenses in many countries. But that appears not to have have stopped the onslaught from regulators.

India’s anti-money laundering agency is examining if Binance had a role to play in an ongoing investigation involving betting apps, Bloomberg News reported earlier Friday, citing people with knowledge of the matter.

That comes in addition to investigations from several US agencies as well as actions or investigations from the likes of Thailand, the UK and Italy.

The Thai Securities and Exchange Commission on July 2 filed a criminal complaint against Binance for illegally operating a digital asset business without a licence under the Digital Asset Businesses Decree.

Rival exchanges have been quick to swoop in as they sense an opportunity to take business from Binance.

“An underappreciated aspect of the most recent crypto bull market is that it has brought a generation of investors who see regulatory compliance as a must-have,” said Gary Worrall, CEO of Crypto Facilities, a regulated derivatives exchange in Europe. “Crypto is no longer just a Wild West.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
×