Binance said it is in discussions with Malaysian regulators for a licensed business in the country, as the the world’s biggest cryptocurrency exchange seeks a route back into a market where authorities have blocked its website and applications.

“We have been jointly engaging the Securities Commission Malaysia (SC) and Bank Negara Malaysia over the last 10 months, on a licensed pathway to offering our products and services into Malaysia,” a Binance spokesperson said in a statement to Bloomberg on Saturday.

The crypto exchange is in talks on the “viability and structure of licensed business model in Malaysia”, the spokesperson added, but declining to give further details on the type of licence it is seeking.

Regulatory approval would provide Binance a route to formally re-enter a market where it has faced restrictions for more than five years.

Previously, the SC ordered Binance in July 2021 to cease operating in Malaysia after the regulator found it was then illegally running a digital asset exchange, according to Bloomberg.

The orders included stopping all media and marketing activities, and restricting Malaysian investors from accessing Binance’s Telegram group.

While the SC had removed Binance from its Investor Alert List in 2024, it added the exchange back to the list earlier this month.

Binance recently suffered a security breach involving as much as $6.3 billion, the largest known crypto hack.

The company has suspended withdrawals and pledged to cover all losses.

Binance vows to cover all losses from security breach, estimated at $6.3B