The troubles for Binance, the world’s largest cryptocurrency exchange by trading volume, seem not to be stopping anytime soon. The Malaysian authorities have issued a strict order to Binance to shut down operations in the country.
Malaysian authorities have accused Binance of operating illegally in the country and not complying with their regulations. In an announcement on Friday, Malaysian Securities Commission (SC) issued a public reprimand ordering Binance to stop operating in the country.
The regulatory authority claimed that Binance has been operating illegally in Malaysia. Malaysian SC has previously issued warnings to investors urging them to stay away from the cryptocurrency exchange.
According to the latest notice, Binance will have 14 days, starting Tuesday to ensure compliance with Malaysian regulations or face complete eviction.
Binance is already under the scanner of many financial regulatory bodies in Europe including the UK and Italy. Earlier this week, Binance also announced to shut derivatives trading options on their platform in Germany, Italy and Netherlands. They have also been trimming the future trading limits for all new and existing customers.