Binance, the world’s most popular cryptocurrency exchange by trading volume, is re-entering the Malaysian market. With a strategic position in MX Global, the country’s licenced digital asset trading platform.
MX Global, one of the four Recognized Market Operators – Digital Asset Exchange licenced by the Securities Commission (SC) in Malaysia, has been bought by Binance and Cuscapi Berhad.
With its new cooperation in Malaysia, the leading crypto exchange hopes to enhance the crypto market’s sustainable growth in Southeast Asia. MX Global, on the other hand, hopes to expand its market. And become a prominent liquidity hub in the region by leveraging a recent alliance and new influx of cash.
Binance’s latest cooperation spree follows a pattern. Particularly in places where the exchange has struggled to meet regulatory compliance standards on its own. Following a court decision in July 2021 for non-compliance with regulatory rules, the cryptocurrency exchange had its services restricted in Malaysia.
Binance’s recent agreement, according to a spokeswoman, will assist the crypto exchange in better understanding the local regulatory approach, as follows:
“This is part of Binance’s ongoing efforts to work with regulators. We help local representatives grow their companies while remaining compliant by partnering with regulated platforms.”
Binance’s ongoing efforts to work with regulators
Just a week after announcing an 18% ownership in the private stock market in Singapore, the crypto exchange withdrew its crypto licencing application. Additionally, Binance has been blocked by the country’s authority in 2021. However, the cryptocurrency exchange was able to gain access to the pound payment network through collaboration with PaySafe.
The crypto exchange followed a similar method in Thailand. Closing its doors in July 2021 but re-entering the market in January 2022. Through a collaboration with the country’s Gulf Energy Development PCL.
Over a dozen nations issued regulatory warnings and imposed service limits on Binance in 2021. However, through third-party agreements, the exchange was able to repair its regulatory connection with a number of these countries.