![]() 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. But their first instinct was to cover it up with "Can't provide explanation due to Internal Policy" and "Your docs are approved now anyway and I'm closing this case".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. UPDATE 3: Binance admitted the docs were rejected incorrectly due to human error. To me this is a continuation of their lack of accountability and taking the customer for granted. Binance customer support refused to provide a reason citing "Internal Policy". ![]() UPDATE 2 (12 days later): I raised the above issue again, asking for an explanation of why the same docs were rejected on the first attempt. But haven't got a response yet about why it was rejected the first time or why my limits have gone up. UPDATE (1 day later): I uploaded my payslip again, and the binance "specialist" said he has approved it now. Makes me think Binance messed up here, increasing the limits by themselves and now thinking my payslip is missing a few zeros :)Īnyone else seeing their limits go up automatically and then hit with the source of wealth proof request and rejection ?ĮDIT: Is Binance comparing the total deposits against a single months income from the payslip provided and rejecting them ? That would explain a lot of the rejections on reddit albeit extremely shocking and tragic. ![]() That's a ridiculous limit, and I never asked for it. ![]() Not sure what binance expects ?Īlso, very strangely the fiat and crypto limits have been increased to 2M USD and 8M USD respectively. That's my only source of income now and ever been. I was recently asked to submit proof for source of wealth and I uploaded my payslip which has been rejected.
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