Binance is reportedly in discussions with Malaysian authorities to secure a license that would allow it to operate its cryptocurrency exchange in the country.
According to Binance, the company has been in talks with the Securities Commission Malaysia and Bank Negara Malaysia for the past 10 months, as it seeks a license to offer its products and services in Malaysia.
Previously, in 2021, authorities banned Binance’s operations in Malaysia because it lacked the necessary license. It remains unclear when—or if—Binance will receive approval to operate. Currently, the largest cryptocurrency service provider in Malaysia is Luno.
These new developments come just days after Binance suffered a hack, resulting in losses amounting to $6.3 billion. However, Binance has stated that it will cover the losses using its own funds.
