Qishin Tariq · · 1 min readBinance backs Malaysian crypto exchange’s $1.6m raise
MX Global, which runs a licensed digital asset exchange in Malaysia, has raised US$1.6 million in funding, according to VentureCap Insights data.
Photo credit: Binance
The round was led by Crypto exchange Binance and Hachiman Technology, the latter reportedly being MX Global’s parent company.
It was earlier reported that Binance invested an undisclosed amount in MX Global in March, which also saw the participation of publicly listed firm Cuscapi. Beyond the equity investment, Binance was also providing tech and talent transfer to MX Global
In June, CEO Changpeng Zhao revealed that Binance will work with Malaysian cryptocurrency exchanges to expand its services in the country.
This followed a cease and desist order issued by the Securities Commission of Malaysia against Binance and Zhao in July 2021, as the company was operating without a license.
See also: The tech mogul backing Binance’s Malaysia breakthrough
Editing by Miguel Cordon and Lorenzo Kyle Subido
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