Binance, the world’s leading cryptocurrency exchange by trading volume, is returning to the Malaysian market with a strategic stake in the crypto trading platform managed by the country MX Global.
Specifically on March 1, MX Global received a side investment from Binance and Cuscapi Berhad, a pioneering digital business solutions provider in Malaysia. This funding will allow MX Global to build brand awareness, hire more high-quality talent and develop new features within the framework of domestic regulations. MX Global is one of four crypto asset exchanges that were granted full approval by the Malaysian Securities Commission (SC) in July 2021 and comply with standards and practices to maintain investor protection in the crypto market. The latest partnership with MX Global reflects that Binance is making certain progress in improving regulatory hurdles for global authorities, especially in this case. Because in July 2021, Binance had to suspend its services in Malaysia after a restraining order from SC regarding non-compliance with the law. Besides, in terms of the scope of Southeast Asia, not only Malaysia, Binance also made similar positive moves. In Indonesia, Binance launched a new cryptocurrency exchange through a joint venture with the consortium led by MDI Ventures, telkom Indonesia’s investment arm, after successful negotiations with the country’s richest family. Meanwhile, by reaching a cooperation agreement with the Thai billionaire, Binance is ready to set up another crypto exchange right in the territory of the Land of The Golden Temple. However, it should be recognized “fairly” that in the international market, Binance is still quite hard to satisfy the authorities of the world’s leading economies, such as the United States, India and Europe. Just about two weeks ago, both Binance.US and CEO Changpeng Zhao were investigated by the SEC for market manipulation because of their “ambiguous” relationships with sigma chain AG and Merit Peak, which act as market makers for the exchange. Since then, there has been ample evidence that Binance has diverted its efforts, strengthening close ties with Russia in the face of U.S. pressure. This action immediately made the vast majority of the cryptocurrency community feel extremely dissatisfied. Because with the current developments from the Russia-Ukraine war, the world authorities are taking all measures to prevent Russia from using crypto to circumvent sanctions. Binance was also among eight exchanges asked to assist in banning Russian users, but in response the exchange only said it had no plans to impose a comprehensive ban on Russian customers but would block trading involving sanctioned individuals or entities.