Binance is, yet again, facing legal persecution, this time by the Securities Commission Malaysia. Last Friday the commission revealed that the exchange will be facing charges for illegally operating in Malaysia.
The global crypto exchange was given a 14-day period to clear all its businesses in the country. It was ordered to shut down its primary exchange plus all local mobile apps. All marketing practices are to be terminated as well, while the official Telegram group of Binance is to be shut down to Malaysian investors. The Malaysian commission has order the CEO of Binance to make sure his company carries out these orders.
India has also taken serious action against the exchange. A probe was launched by the Indian Enforcement Directorate against Binance for money laundering. The Indian Economic Times reported that Binance had been summoned by the directorate for questioning.
A subsidiary of Binance was already charged with AML negligence. WazirX, India’s largest cryptocurrency exchange and Binance subsidiary, has supposedly broken India’s FX laws. Binance had not been called out during the investigation until now.
WazirX has been reported to be used as a crypto purchasing tool by owners of Chinese betting aps, who use the platform to, essentially, launder their money. From there, the money passes WazirX on its way to various Binance wallets.
The Binance saga continues as more and more regulators and local authorities are claiming legal actions against it.
