Binance comes back to Malaysia after making an array of new partnerships with regulated companies in countries where it was hard to get regulatory approval so let’s read more today in our latest Binance news.
The world’s biggest crypto exchange by tradign volume Binance comes back to Malaysia with a strategic stake in the country’s regulated digital asset trading platform MX Global. Cuscapi Berhard and Binance acquired a stake in MX Global as one of the four recognized Market Operators, the Digital Asset Exchange licensed by the SC in Malaysia.
Hello Malaysia. 🇲🇾https://t.co/vsHzHlm7KI
— CZ 🔶 Binance (@cz_binance) March 1, 2022
The crypto exchange has a huge presence in the Asian region and with the new partnership, it aims to expand its growth of the market in Southeast Asia. MX Global aims to make a bank on the partnership and new flow of capital to expand the market and become a leading liquidity hub in the region. Binance’s slew of partnerships reflects a pattern, especially in regions where the exchange found it hard to mitigate compliance requirements by itself. The exchange also restricted the services in the country back in 2021 after an order from the regulator over non-compliance with the regulatory laws.
According to a binance spokesperson, the new partnership will help the crypto exchange understand the local regulatory approach and said:
“This is part of Binance’s initiatives to cooperate with regulators. By working with regulated platforms, we are supporting local representatives to further expand their businesses while they stay compliant.”
The crypto exchange withdrew its license application a week after announcing an 18% stake in the stock exchange and also Binance managed to access the UK’s sterling payment network via its partnership with PaySafe after getting barred by the regulator in 2021. The exchange undertook a similar strategy where the exchange had to shut operations in 2021 but made a re-entry in the Thai market via its partnership with the country’s gulf energy Development PCL in January 2022.
In 2021, Binance faced strogn regulatory pressure and service restrictions from a dozen countries but the exchange managed to improve the regulatory relationship in a few of the nations via third-party partnerships.
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