Binance is in discussions with Malaysian regulatory authorities about obtaining a license to operate, seeking to return to the local market

According to Bloomberg, Binance stated that it is discussing the feasibility and structure of a licensed business model with Malaysian regulators, seeking to formally return to the local market. A spokesperson said that they have been in communication with the Malaysian Securities Commission and the central bank for the past 10 months but did not disclose the specific type of license they intend to apply for.

In July 2021, the Malaysian Securities Commission determined that Binance was operating a digital asset trading platform illegally and required it to cease local operations and marketing activities. The agency had removed Binance from the investor warning list in 2024 but has placed it back on the list this month without stating the reason.

In response to MP Lim Guan Eng's request to investigate whether its P2P platform facilitated transactions in Malaysian Ringgit through other currencies, Binance stated that it has proactively closed a Papua New Guinea Kina trading market that was informally linked to the Ringgit. The latest complaint involves an advertisement posted by a non-Malaysian user in the Romanian Leu market. Binance stated that this does not represent a continued evasion of local laws and expressed its intention to continue cooperating with regulators to provide services in a compliant manner.