![]() You can earn more cryptocurrency through staking (keeping your funds in a cryptocurrency wallet to earn rewards), lending your funds for interest returns, earning rewards for completing challenges and more. Binance allows you to trade over 150+ different cryptocurrencies. On April 13, a total of US$40.33 billion was traded on the exchange over the course of 24 hours – that’s over 50 times more than the volume traded on the Bursa Malaysia, which totalled RM3,146.74 million (or US$0.77 billion) when the market closed on the same day. What’s the deal with Binance?īinance is one of the biggest cryptocurrency exchanges in the world. What does this mean for aspiring traders and investors? Here’s what you need to know about Binance, and whether you can use it in Malaysia. And if that has piqued your interest enough to try to open a Binance account, you may have also noticed something else – the exchange isn’t actually authorised in Malaysia. Perhaps you’ve heard that you can use it to trade cryptocurrencies, or to earn income on the side. If you’ve been scrolling through your social media feeds or catching up with friends, you may have come across a mention of Binance. It entered into an equity investment in MX Global and stated that it is working closely with local regulatory bodies to address concerns that led to the Securities Commission in Malaysia taking enforcement action against it back in August 2021. In March 2022, Binance returned to Malaysia by investing in a local fintech, MX Global Sdn Bhd, a recognised digital asset exchange platform in Malaysia. Since then, investors have taken out over US$780 million from the crypto exchange. The US Securities and Exchange Commission on Monday sued Binance and its founder for engaging in an “extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law”. It's only one country and so Binance isn't losing out big by suspending that specific service.Update: 13 Charges Filed Against Binance In US Now they recognize them and probably told them to just shut down the service. The Netherlands didn't hold Binance accountable to P2P transactions. My guess is this: Regulations were already in place a few years ago. ![]() But to be honest, Binance isn't going to get a creditor license for you, or force you to get one, since it's much simpler to block P2P transactions over there. Not 100% sure how credible this source is. More specifically, in the Netherlands, consumer-to-consumer platforms must have a creditor license, while consumer-to-business platforms are required to get an individual release from the AFM. Maybe the Netherlands didn't change their regulations but perhaps they already had regulations in place for P2P transactions that they didn't hold Binance accountable to, but now they might.Įven though there are no specific regulations on lending-based crowdfunding in the Netherlands, there is a chance that platforms operating within this market have activities that are regulated under the Dutch Authority for the Financial Markets (AFM), which might lead to requirements such as obtaining a banking, consumer credit or investment firm license and publishing a prospectus. r/CryptoCurrencyMemes r/CryptoCurrency_Tech r/CryptoMarkets r/CryptoRecruiting r/Best_of_Crypto r/BitcoinMarkets r/BitcoinMining r/CryptoTrade r/Ethfinance r/EthTrader r/Jobs4Crypto r/Liberland r/NFT r/OpenBazaar r/GPUmining Mastering Ethereum (Open Source book) Exchanges ![]() IBM's ZeroToBlockchain (Free learning resources) See our Expanded Rules page for more detailsĬoinMarketCap (Cryptocurrency market cap info)ġ0k.pizza (Portfolio tracking. ![]()
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