Malaysia, like most countries, recently started regulating cryptocurrencies. This means that this revolutionary money market is now recognized under securities that comes under the purview of the Securities Commission of Malaysia.
Increasing use of Bitcoins
Having regulated cryptocurrencies mean that it could be used as a form of payment. In fact, it could boost the adoption of these currencies which will, in turn, move towards a cashless society very soon. Many retailers have since jumped onto this movement and have started accepting Bitcoins as legal payment.
Binance in Malaysia
Binance was founded in 2017 in Shanghai, China. It is a global cryptocurrency exchange where over 180 cryptocurrencies are being traded. In terms of trading volume, it has been considered to be the biggest exchange since 2018. Binance is available across the world and it recently announced its move into the Malaysian market. This means that Malaysians can now buy (and sell) Bitcoins through Binance with ease.
How to buy Bitcoins from Binance?
To start buying or selling Bitcoins, the process is very straightforward. You will need to register an account with Binance. Payments can be made in MYR (Malaysian Ringgit) via bank transfer (like Maybank2u.com). You can also do so using credit cards. However, before you can start trading, ensure that your registration has been verified.
- Registration only need your email, password and referral ID (not compulsory)
- An email verification will need to take place. Once you confirm that, you can proceed
- Additional security steps like a 2-Factor Authentication is advised
- For withdrawals or any changes to your profile, SMS Authentication is required
- Submit official documents (like your ID) to verify your identity
- Ensure that the steps above are done properly as you would want to ensure the security of your funds