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Malaysia takes aim at Binance CEO as global crackdown escalates

Changpeng Zhao in focus as exchange also plans to wind down European derivatives business

Changpeng Zhao, CEO of Binance, speaks at a blockchain event in Malta in 2018.   © Reuters

LONDON (Financial Times) -- Scattered global efforts to crack down on cryptocurrency exchange Binance were again on show on Friday after Malaysia censured chief executive Changpeng Zhao for "illegal" operations and the group also announced plans to close its European derivatives business.

Malaysia's securities watchdog said it was launching an "enforcement action" against Binance's Cayman Islands-incorporated holding company and a trio of its global affiliates. At nearly the same time, Binance announced it would "wind down" its lucrative derivatives business in Europe, where the company has also faced regulatory scrutiny.

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