Binance to strengthen cooperation with Malaysian crypto exchanges

abdelaziz Fathi

Changpeng Zhao (CZ), founder and CEO of Binance said he is willing to work closely with Malaysian cryptocurrency exchanges to raise the awareness among public users.

Binance

Speaking at the “Crypto Market Trends and Future Opportunities” conference, CZ said Binance was keen to expand the industry as a whole and accelerate cryptocurrency adoption in Malaysia.

Held at the Putrajaya Marriott Hotel and attended by 250 guests, the event was organized by MX Global Sdn Bhd, a licensed cryptocurrency platform in Malaysia. It was attended by various players in the local cryptocurrency industry, including retail and institutional investors. More interestingly, representatives of the Securities Commission (SC), Bursa Malaysia and corporate Malaysia were among the participants.

CEO of MX Global, Dato’ Fadzli Shah comments: “What we believe at MX Global is that the future will be crypto. The future will be regulated. Working closely with the Securities Commission, we want to ensure that the products that we introduce to the Malaysian market are worthy and safe for the investors to participate in this global wave of innovation,” he said at the event.

“As Binance owns the most robust and widely used platform in the world, MX Global could make use of the analysis of Binance’s trading activities as an effort to keep the market safe on its platforms,” he added.

Earlier in March, Binance acquired a stake in MX Global Sdn Bhd, a few months after the world’s largest cryptocurrency exchange left the country over its regulatory licence limbo.

Binance said it has made an undisclosed equity investment in MX Global to help it build brand awareness, hire more talents, and introduce new products within Malaysia’s regulatory framework. Part of the deal, digital business solutions provider Cuscapi Bhd Cuscapi has subscribed for redeemable convertible preference shares (RCPS) issued by MX Global.

While Binance did not disclose the amount of its equity investment into MX Global, Cuscapi revealed in a bourse filing that it has invested more than $2.1 million.

The acquisition could help with Binance’s regulatory hurdles, as MX Global was recently granted the status of a recognised market operator-digital asset exchange (RMO-DAX). Back in July 2021, the startup obtained full approval from the Securities Commission Malaysia (SC).

Binance had been slapped last year with an enforcement action by Malaysia’s Securities Commission Malaysia (SC) and was ordered to stop operating in the country. The watchdog also noted that Binance’s P2P platform allows users to buy cryptocurrencies using Malaysian ringgit though it lacks the license to operate a fiat-to-crypto gateway.

 

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