Binance the world’s largest crypto exchange platform is open to collaborating with Malaysian cryptocurrency exchanges
Binance Is Open To Work With Malaysian Crypto Exchanges
Binance, a global cryptocurrency exchange, is willing to collaborate with Malaysian cryptocurrency exchanges to help digital assets gain traction in the country.
Changpeng Zhao, the CEO and creator of Binance, stated that the strategy was to “become global by going local.” Working with partners and authorities to create safe ecosystems that foster mass adoption would be an element of this.
“Protecting users costs a lot of money in the short term, but in the long run it will be a big win,” he said at the recent Crypto Market Trends and Future Opportunities conference organized by Malaysian crypto exchange MX Global.
Partnership With MX Global
On March 1, Binance made an undisclosed investment in MX Global, which also got capital from Cuscapi, a Bursa Malaysia-listed digital business.
According to MX Global CEO Fadzli Shah Anuar, the company will benefit from technology and talent transfer in addition to equity investment.
Anuar and Zhao, who spoke in the same conference session, agreed that rather than competing, crypto exchanges should collaborate to raise crypto awareness.
The Securities Commission of Malaysia filed a cease and desist order against Binance and Zhao in July 2021 for operating without a license, thereby prohibiting the business from setting up shop in Malaysia.
At the time, the company was rumored to be working on a partnership with a local digital asset market operator, but the arrangement fell through due to the prohibition.
