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Binance Stakes in Malaysian Exchange. New Headquarters Soon?

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Binance Stakes in Malaysian Exchange New Headquarters Soon 1
03
Mar

Binance News

  • Binance will be returning to the Malaysian markets, thanks to a strategic stake in a regulated Malaysian crypto trading platform.
  • Together with Cuscape Bernard, Binance has acquired a key stake in MX Global.
  • The cryptocurrency exchange will return to Malaysia with full force for the first time since being pressured to restrict some of its services in July 2021.

The world’s leading cryptocurrency exchange in terms of trading volume, Binance, will be returning to the Malaysian markets through a strategic stake in the country’s regulated digital asset trading platform, MX Global.

The cryptocurrency exchange had to restrict its services in Malaysia back in July of 2021 after pressure from the Securities Commission in Malaysia over non-compliance with local regulatory laws.

According to an article on PR Newswire yesterday, Binance, together with Cuscapi Berhad, have acquired a key stake in MX Global. MX Global is one of the four recognized market operators in Malaysia that is licensed by the Securities Commission in Malaysia.

Binance stated further that its stake in MX Global “is part of Binance’s initiatives to cooperate with regulators”, and that  “By working with regulated platforms, [they are] supporting local representatives to further expand their businesses while they stay compliant.”

The mammoth cryptocurrency exchange has a significant presence in the Asian region, and aims to leverage its new partnership in Malaysia to expand the sustainable growth of the cryptocurrency market in the Southeast Asia region.

On the other hand, MX Global aims to utilize the recent partnership and the resultant flow of capital in order to expand its market share and become a leading liquidity hub in the region.

2021 saw Binance hammered with regulatory warnings and service restrictions from more than a dozen countries. However, the exchange employed a strategy whereby they formed a series of third-party strategic partnerships to mend its regulatory issues in several of the nations that it had issues in. Many believe that the motive behind this partnership is no different.

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