Binance is currently the largest cryptocurrency exchange in the world in terms of daily trading volume. As at the date of publication of this article, it records a spot daily trading volume of more than USD 20 billion and offers trading of more than 300 types of cryptocurrencies. It has also launched its own cryptocurrencies, including Binance Coin (BNB), which is currently the cryptocurrency with the fourth highest market capitalisation, ranked after Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
Pursuant to Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007, all DAX operators must be registered as Recognized Market Operators by the SC. Binance is not registered with the SC to operate a DAX in Malaysia. It had been included in the SC’s Investor Alert List in July 2020 for “operating a recognized market without authorisation from the SC”.
On 30 July 2021, the SC announced that it has taken enforcement actions against Binance for continuing to illegally operate a DAX in Malaysia despite being included in the SC’s Investor Alert List last year.
