Binance Seeks to ‘Work Closely’ with Malaysian Crypto Exchanges

Binance, a major cryptocurrency exchange, said that it looks forward to working closely with Malaysian crypto exchanges to strengthen awareness among users of the industry.

According to the New Straits Times, the announcement was made by Changpeng Zhao, Binance’s Co-Founder and CEO, at MX Global’s ‘Crypto Market Trends and Future Opportunities’ hosted in the Putrajaya Marriott Hotel and attended by about 250 guests. ‘CZ’ commented that among the crypto exchanges include MX Global Sdn Bhd.

Representatives from the Securities Commission (SC), Bursa Malaysia, and corporate Malaysia attended the event. “What we believe at MX Global is that the future will be crypto. The future will be regulated. Working closely with the Securities Commission, we want to ensure that the products that we introduce to the Malaysian market are worthy and safe for the investors to participate in this global wave of innovation,” Datuk Fadzli Shah, MX Global’s Chief Executive Officer, commented.

He added: “As Binance owns the most robust and widely used platform in the world, MX Global could make use of the analysis of Binance’s trading activities as an effort to keep the market safe on its platforms.”

Binance announced its first equity investment in MX Global in March. Shah said that MX Global is examining the elements that can be replicated in the Malaysian environment. “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 pointed out.

Recently, Binance got the green light from the Italian regulators after receiving approval from the country’s watchdog as a Cryptocurrency Service Provider.