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The web version offers three viewing options, i.e., basic, classic, and advanced. The Binance web's interface is somewhat complex for new users. However, it seems like developers assumed that new users would eventually find their way.
The Securities Commission of Malaysia has announced that it is taking enforcement actions against the world’s largest cryptocurrency exchange, Binance, for illegally operating in Malaysia. The body also urged Malaysian Binance users to stop using the platform and withdraw their investments.
Disable the Binance website (www.binance.com) and mobile applications in Malaysia within 14 business days from 26 July 2021. Immediately cease all media and marketing activities, including circulating, publishing, or sending any advertisements and/or crypto marketing material, whether via emails or otherwise, to Malaysian investors. Immediately restrict Malaysian investors from accessing Binance’s Telegram group.
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According to the SC, Binance violates Sections 7(1) and 34(1) of the Capital Markets and Services Act 2007 for operating a Digital Asset Exchange (DAX) without registering as a Recognized Market Operator with the SC. As such, Binance is deemed to be illegally operating in Malaysia, and since July 2020 Binance has been on the SC’s Investor Alert List.
Binance is also being investigated for money laundering and other illicit activities, according to a report published by Bloomberg. The recent breach of 2019 tells otherwise that Bitcoin
worth more than $40,000,000 was stolen in an attack on Binance.
It is of its kind platform and only available for premium trading. Kraken offers a unique platform known as Cryptowatch. It provides more than 4,000 crypto marketplaces along with real-time data and charting.
Some have begun panic-selling their investments, while many others remain hesitant to do so, mainly due to current paper losses. While there is no publicly available data on the amount of Binance users in Malaysia, checks with various user groups and discussions online revealed plenty of unease. At present, it is unclear to Binance users in Malaysia what will happen to their existing investments on the platform. Another cause of hesistance is that Binance offers a wider range of tokens to trade, some of which are not available on other DAXes, making transferring the assets complicated – if not impossible.
These all exchanges are easy to use. You may like one exchange and may not like the other. If you read the reviews by customers regarding various online trading platforms, you would notice that they all have something in common, and that is their user-friendly interface. It is a matter of choice. While some are more compatible for beginners, others require basic knowledge to use them properly.
As for Malaysia, Binance has not yet issued a response on this matter. To meet regulations, Binance has previously created separate entities specifically catered to a single market, such as Binance.US and bitcoin
Binance Singapore, among others. Malaysia isn’t the first country that has issued caution against Binance; as the largest crypto exchange in the world, various countries have either opened investigations or stated that its operations were illegal in those countries.
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