Bloomberg: Binance Is in Talks with Malaysian Regulators on a Licensed Business Model, Seeking a Formal Return to the Market
According to a Bloomberg report on October 31, a Binance spokesperson said the company is discussing with Malaysian regulators the feasibility and structure of a licensed business model, seeking to formally return to the local market. The spokesperson said that over the past 10 months, the company has been communicating with the Securities Commission Malaysia and Bank Negara Malaysia, exploring a licensed route to provide products and services to Malaysia. The spokesperson did not disclose the specific type of license being sought.
In July 2021, the Securities Commission Malaysia determined that Binance was then operating a digital asset trading platform illegally and ordered it to stop local business and marketing activities. The agency removed Binance from its investor alert list in 2024, but put it back on the list again this month without giving a reason.
In response to Lim Guan Eng's request for an investigation into whether its peer-to-peer (P2P) platform facilitated ringgit trading under the guise of other currencies, Binance said it had proactively shut down a Papua New Guinea kina trading market that was informally pegged to the ringgit. The latest complaint involved individual ads posted by a non-Malaysian user in the Romanian leu market. Binance said this did not indicate ongoing efforts to circumvent local laws, and said it would continue to cooperate with regulators to provide services in a compliant manner.
Original Source
Title: Binance in Talks for Malaysia License after Five-Year Absence
Publisher: Bloomberg
Publication date: 2026-10-31
URL: https://www.bloomberg.com/news/articles/2026-10-31/binance-in-talks-for-malaysia-license-after-five-year-absence
Nature of source: Exclusive report by a financial media outlet (includes company spokesperson statements)
Verification status: The spokesperson's direct quotes and core facts have been verified through multiple republished reports
Supporting content: 10 months of communication, discussions with the SC and the central bank on a licensed route and business structure, no specific license type disclosed.Title: Binance in talks for Malaysia licence
Publisher: The Straits Times (citing Bloomberg)
Publication date: 2026-10-31
URL: https://www.straitstimes.com/business/binance-in-talks-for-malaysia-licence-after-five-year-absence
Nature of source: Media report
Verification status: Confirmed to match Bloomberg's spokesperson statement, and supplemented with the P2P response and historical regulatory background
Supporting content: Closure of the PNG kina market, individual ads in Romanian leu, no indication of ongoing circumvention, continued cooperation to provide services compliantly; the 2021 ban and changes to the alert list.
ABAB AI Insight
This round of talks comes against the backdrop of Binance having been out of the market for more than five years after the 2021 ban, and having been re-added to the investor alert list this month. The spokesperson emphasized “joint communication” and a “licensed route,” but did not disclose the specific license type or application progress, indicating that the discussions are still at the feasibility and structure stage rather than a formal application having been filed or approval having been granted.
Lim Guan Eng's inquiry focused on whether the P2P platform indirectly facilitated ringgit trading under the name of other fiat currencies. Binance's response distinguished between the PNG kina market it had proactively closed and the latest individual ads, and denied systematic circumvention. Such disputes running alongside the licensing path may affect regulators' assessment of compliance intent and execution capability.
A formal return still depends on the approval outcomes from the SC and the central bank. At present, the website and app remain restricted locally, and any progress will need to be confirmed by subsequent official disclosures.