Binance Banned in Malaysia - What to do next? - Binance to Huobi

Summary

Malaysia’s Securities Commission (SC) publicly reprimanded Binance for operating without authorization. Binance had been on the SC’s investor alert list since July 2020.

According to the video, the SC ordered Binance entities to take the following steps within 14 business days from 26 July 2021:

• Disable Binance’s website and mobile apps in Malaysia.
• Stop media and marketing activities.
• Restrict Malaysian investors’ access to Binance’s Telegram group.

The presenter says these measures would limit access to Binance in Malaysia rather than shut down the exchange globally. He argues that Binance, as a major global exchange, was unlikely to disappear.

For users with holdings on Binance, he proposes two options:

1. Use a VPN to continue accessing Binance. He mentions free and paid VPNs but does not discuss legal, security, or account-compliance risks.
2. Move crypto to another exchange, which he says he plans to do.

Transfer Method Demonstrated

The presenter demonstrates moving holdings from Binance to Huobi Global:

1. Convert the crypto to be moved into USDT. His examples include ADA (Cardano), BNB, and smaller crypto holdings.
2. In Huobi, select a USDT deposit and choose the TRC20 network.
3. Copy the Huobi deposit address, then withdraw USDT from Binance to that address using the same TRC20 network.
4. Complete the required withdrawal verification and wait for the deposit to arrive.
5. Use the USDT on Huobi to repurchase the desired crypto. The video demonstrates buying ADA with a market order.

The presenter says the TRC20 transfer fee is 1 USDT. He shows a balance of approximately 5.8k Malaysian ringgit worth of USD before the transfer and later displays 1.4k USDT in Huobi.

He describes Huobi’s interface and features as similar to Binance and calls it the world’s second-largest crypto exchange. These are claims made in the video.

Other Claims, Cautions, and Disclosures

• The presenter compares Binance’s low fees favorably with Luno, which he describes as having high fees and less favorable exchange rates.
• He speculates that Luno may be cooperating with the SC to reduce competition. He explicitly calls this a conspiracy theory, says he has no evidence, and asks viewers to treat it as personal opinion—not established fact.
• He mentions eToro and OctaFX, claiming they were operating in Malaysia without SC licenses. This is presented as his assertion and is not independently verified in the video.
• The presenter promotes a Huobi signup link or code, saying it offers users 10% off trading while he receives commission on their trades.
• No formal “not financial advice” disclaimer is stated. The video’s advice and exchange comparisons reflect the presenter’s views.

Assets, Platforms, and Instruments Mentioned

• Cryptocurrencies: USDT, ADA (Cardano), BNB
• Exchanges and platforms: Binance, Huobi Global, Luno, eToro, OctaFX
• Transfer network: TRC20
• Other tool: VPN

Presenter and Sources

The presenter is Dean from Roti Telur Finance. The video refers to a notice on the Securities Commission Malaysia website and includes the presenter’s personal opinions.