Binance is in discussions with Malaysian regulators to operate with a license, seeking to re-enter the local market.

BlockBeats news, October 31 - According to Bloomberg, Binance stated it is in discussions with Malaysian regulators about the feasibility and structure of a licensed business model, seeking a formal return to the local market. A spokesperson said it has been communicating with the Securities Commission Malaysia and the central bank for the past 10 months but did not disclose the specific type of license it plans to apply for.

In July 2021, the Securities Commission Malaysia determined that Binance was illegally operating a digital asset trading platform and ordered it to cease local operations and marketing activities. The regulator removed Binance from its investor alert list in 2024 but re-added it this month without providing a reason.

In response to lawmaker Lim Guan Eng's request to investigate whether its P2P platform facilitated ringgit transactions through other currency denominations, Binance said it had proactively shut down a Papua New Guinea kina trading market informally linked to the ringgit. The latest complaint involves an individual advertisement posted by a non-Malaysian user on the Romanian leu market. Binance said this does not represent a persistent pattern of circumventing local laws and stated it will continue to cooperate with regulators to provide services in a compliant manner.