Binance accepts Malaysian e-Wallet services, is this safe?

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Binance, one of the major cryptocurrency exchange platforms operating online has recently announced that several Malaysian e-wallets can be used as payment options when you trade cryptocurrencies. This will surely make trading a lot easier considering you are no longer limited to only bank transfers or credit cards.

Supported e-wallet platforms

One of the challenges that investors often find themselves in when trading cryptos is in transferring funds. Binance, a popular P2P or peer-to-peer cryptocurrency platform has made it easier to facilitate this by allowing more options. This means that traders can now use e-wallets like ShopeePay, Touch ‘n Go eWallet and GrabPay. This is not only in Malaysia as Binance announced that there are other e-wallet options across Southeast Asia as well including PayLah, DANA, GoPay, PayNow, LinkAja and GoPay, among others. Users with a Binance account can now do this through the available payment options in their P2P trading section and upload the QR code of the respective e-wallet.

Is this even safe?

When it comes to investment into money markets and more notably in cryptocurrencies, you have to be cautious. Do take note that Binance offers a P2P platform which means you are buying and selling with other traders who are individuals (or companies). You are not dealing with the Binance platform directly. Hence, you need to be aware that it adds another layer or risk to your investment engine. As such, Binance has disclaimed that it will be involved should any disputes arise. To date, Binance supports more than 150 different payment methods involving close to 50 fiat currencies.

Another issue that you must be aware of is that Binance is not among the authorized digital asset exchanges in Malaysia. So far, only Luno, Tokenize and SINERGY are registered with the SC (Securities Commission) of Malaysia for offering such service in the country.

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