Binance invests in regulated Malaysian crypto exchange

The MX Global exchange has been granted full approval by the Securities Commission Malaysia

Binance logo                                 
Binance sees Malaysia as a key growth area for cryptos – Photo: Alamy
                                

Binance, currently the world’s largest cryptocurrency exchange by trading volume, has made an equity investment in MX Global, a regulated digital asset trading platform in Malaysia.

MX Global is one of only four Recognised Market Operator-Digital Asset Exchanges (RMO-DAX) and has been granted full approval by the Securities Commission Malaysia. This means that, since July 2021, MX global has been officially recognised as complying with “the standards and practices to uphold investor protection in conducting safe and secure trading of cryptocurrencies in the country”.

Further collaborations in Malaysia

Binance is planning further collaborations in Southeast Asia, as the equity investment will help to support sustainable growth in the crypto market locally. Binance says it hopes to work with regional and local partners to “drive further collaborations”.

MX Global believes this “strategic cooperation further demonstrates the continuous growth and development of the digital assets industry, which will bolster the cryptocurrency market in Malaysia and Southeast Asia.”

Binance sees “potential in Malaysia”

Datuk Fadzli Shah Anuar, CEO of MX Global, said: “MX Global aspires to be the preferred liquidity platform for digital asset or cryptocurrency investors and token issuers locally and internationally. The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry.

“We will continue building a safe, easy and real digital asset ecosystem for our customers. I believe that this cooperation will not only expand the potential services that MX Global can offer in the future, but it will also allow the company to innovate and revolutionise the payment system in Malaysia,” he said.

Changpeng Zhao, founder and CEO of Binance, said: “We see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem.”

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image