Binance, one of the largest cryptocurrency exchanges in the world, has been ordered to cease operations in Malaysia under the grounds of "illegally operating a digital asset exchange".

Under the order by Malaysia's Securities Commission, Binance has been given until 9th August to halt all of its operations within the country.

"With immediate effect, users from these countries will not be able to open new futures or derivatives products accounts," the company said.

Why It Matters

• Binance is currently the largest cryptocurrency exchange in the world, valued at over $86 billion.
• The company will be required to disable both its mobile app and website to visitors from Malaysia by 9th August.
  
• Malaysian account holders with Binance have also been instructed to withdraw all their earnings/holdings before the stipulated date.
• Earlier last year, Binance blocked the ability for Malaysian card holders to wire money in and out of their accounts on their platform.