A cryptocurrency trader we talked to revealed that Binance is still popular among Malaysian investors and traders, thanks to the range of currencies tradable on the platform. It also promoted its platform to Malaysians and also tried to release a crypto debit card in Malaysia without approval.īut that’s not stopping Malaysians from using the platform.
BINANCE REFERRAL CODE REDDIT LICENSE
Decrypt reported that Binance could have been blacklisted because it made the Ringgit available on its peer-to-peer exchange, despite not having the license to do so. The SC’s official reason for placing it on the Alert List is that Binance is operating a “recognized market without authorisation”. The SC advises investors not to invest with any companies or individuals that aren’t licensed or approved. Can you use Binance in Malaysia?īinance is listed on the Securities Commission Malaysia’s (SC) Investor Alert List, which identifies unauthorised websites, products, companies or individuals. That’s nearly a 1400% increase from the same date last year, outpacing even Bitcoin, which rose 241% in the same period. As of July 30, it is valued at US$309.22. It’s used to buy and sell other cryptocurrencies on Binance, as well as to cover trading fees. Fees start at 0.1% and go as low as 0.012% if you meet certain trading or referral requirements.īesides that, the exchange is also responsible for creating what is now (at the time of writing) the world’s third most valuable cryptocurrency behind Bitcoin and Ether: the Binance Coin (BNB). 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 meeting up with friends for socially distanced catch ups, you may have come across a mention of Binance. It is making an equity investment in MX Global and will work closely with local regulatory bodies to address concerns and risks raised. In an official announcement, Binance has made a comeback to Malaysia by investing in a local fintech, MX Global Sdn Bhd, a recognised digital asset exchange platform in Malaysia.
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