Binance Willing to Work With Malaysian Crypto Exchanges, CEO Says

Binance Willing to Work With Malaysian Crypto Exchanges, CEO Says

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Binance, the world’s largest cryptocurrency exchange by trading volume, is open to working with Malaysian crypto exchanges such as MX Global Sdn. Bhd. to accelerate the adoption of digital assets in the country. In March, MX Global first announced equity investment into the company from Binance.

Changpeng Zhao Wants to Work With Malaysian Crypto Exchanges

Speaking at the recent Crypto Market Trends and Future Opportunities conference organized by Malaysian crypto exchange MX Global, the CEO of Binance Changpeng Zhao said his plan was to ‘go global by going local.’

“The industry is large enough that for the average consumers when we want to reach mass adoption, we do need regulations. We need some guidelines to operate in, and we would very much like to work with our partners and regulators to shape that together. Protecting users costs a lot of money in the short term, but in the long run it will be a big win,” he added.

The event was held at Putrajaya Marriott Hotel and attended by about 250 guests, with various industry players, retail and institutional investors including crypto enthusiasts. The event was also attended by the Securities Commission (SC), Bursa Malaysia, and corporate Malaysia representatives. In July 2021, Malaysia's Securities Commission issued a cease and desist against Binance for operating without a license, effectively barring the company from directly setting up shop in the country. The firm was supposed to be working on a collaboration with a local digital asset exchange operator at the time, however, the deal did not go through effect due to the ban.