Binance in Talks for Malaysian License, Seeking Compliant Return After Five-Year Absence
- According to Bloomberg (cited by BlockBeats at 20:05 Beijing time on October 31), Binance is discussing the feasibility and structure of a licensed business model with the Securities Commission Malaysia and the central bank, seeking to formally re-enter the local market. Discussions have been ongoing for the past 10 months, but Binance has not disclosed the specific type of license it intends to apply for.
- Background: In July 2021, the Securities Commission Malaysia determined that Binance was operating a digital asset trading platform illegally and ordered it to cease its local business and marketing activities. It removed Binance from its investor alert list in 2024, but added it back this month without explaining why.
- In response to lawmakers’ questions about whether its P2P platform facilitated ringgit transactions under the guise of other currencies, Binance said it had voluntarily shut down a Papua New Guinean kina trading market informally pegged to the ringgit. It said this did not indicate an ongoing effort to circumvent local laws and that it would continue providing services in a compliant manner.
- Potential impact: Obtaining a compliant license is one part of Binance’s efforts to rebuild trust after the approximately $6.3 billion theft incident. If the talks lead to an agreement, it could be positive for Binance’s Southeast Asian expansion and sentiment around BNB. However, license negotiations generally take a long time, so this is unlikely to change the fundamentals in the short term.
My view: Short-term outlook for $BNB is neutral, as talks are still at an early stage and neither the license type nor the timeline has been disclosed. It will take time for any positive developments to materialize.
Sources: Bloomberg (cited by BlockBeats and Cailian Press); Binance’s return to Malaysia is still under discussion and has not yet been approved. BTC is around $77,000, and BNB is around $700.
#币安 #马来西亚 #监管 $BNB
How do you think the Southeast Asian market will develop if Binance secures a Malaysian license? Tap the tag to see real-time prices.
- According to Bloomberg (cited by BlockBeats at 20:05 Beijing time on October 31), Binance is discussing the feasibility and structure of a licensed business model with the Securities Commission Malaysia and the central bank, seeking to formally re-enter the local market. Discussions have been ongoing for the past 10 months, but Binance has not disclosed the specific type of license it intends to apply for.
- Background: In July 2021, the Securities Commission Malaysia determined that Binance was operating a digital asset trading platform illegally and ordered it to cease its local business and marketing activities. It removed Binance from its investor alert list in 2024, but added it back this month without explaining why.
- In response to lawmakers’ questions about whether its P2P platform facilitated ringgit transactions under the guise of other currencies, Binance said it had voluntarily shut down a Papua New Guinean kina trading market informally pegged to the ringgit. It said this did not indicate an ongoing effort to circumvent local laws and that it would continue providing services in a compliant manner.
- Potential impact: Obtaining a compliant license is one part of Binance’s efforts to rebuild trust after the approximately $6.3 billion theft incident. If the talks lead to an agreement, it could be positive for Binance’s Southeast Asian expansion and sentiment around BNB. However, license negotiations generally take a long time, so this is unlikely to change the fundamentals in the short term.
My view: Short-term outlook for $BNB is neutral, as talks are still at an early stage and neither the license type nor the timeline has been disclosed. It will take time for any positive developments to materialize.
Sources: Bloomberg (cited by BlockBeats and Cailian Press); Binance’s return to Malaysia is still under discussion and has not yet been approved. BTC is around $77,000, and BNB is around $700.
#币安 #马来西亚 #监管 $BNB
How do you think the Southeast Asian market will develop if Binance secures a Malaysian license? Tap the tag to see real-time prices.
