Binance to work with Malaysian cryptocurrency exchanges to expand locally

Global cryptocurrency exchange Binance is open to working with Malaysian cryptocurrency exchanges to accelerate adoption of the digital asset in the country.

Changpeng Zhao, CEO and founder of Binance / Photo credit: MX Global

Binance CEO and founder Changpeng Zhao said the plan was to “go global by going local.” This would involve working with partners and regulators to shape safe ecosystems that would encourage mass adoption.

“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.

Binance on March 1 invested an undisclosed amount in MX Global, which also received funding from Bursa Malaysia-listed tech company Cuscapi.

MX Global CEO Fadzli Shah Anuar said that beyond equity investment, Binance would also be assisting the company through technology and talent transfer.

Anuar and Zhao – who both spoke in the same conference session – said that instead of competing, crypto exchanges should work together to spread awareness of crypto.

See also: The tech mogul backing Binance’s Malaysia breakthrough

In July 2021, the Securities Commission Malaysia issued a cease and desist against Binance and Zhao for operating without a license, effectively barring the company from directly setting up shop in the country.

The firm was believed to be working on a collaboration with a local digital asset exchange operator at the time, but the deal did not materialize due to the ban.

Currency converted from Malaysian ringgit to US dollar: US$1 = 4.21 ringgit.