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Binance willing to work closely with Malaysian cryptocurrency exchanges

KUALA LUMPUR: Binance, the world's largest cryptocurrency exchange in terms of daily trading volume, says it is willing to work closely together with Malaysian cryptocurrency exchanges such as MX Global Sdn Bhd to raise the awareness among public users.

This was a means to expand the industry as a whole and accelerate cryptocurrency adoption in Malaysia, according to MX Global.

The intention was mooted by Binance founder and chief executive officer (CEO) Changpeng Zhao at MX Global's "Crypto Market Trends and Future Opportunities" on June 2.

The event was held at Putrajaya Marriott Hotel and attended by about 250 guests, with various industry players, retail and institutional investors as well as crypto enthusiasts alike among them.

The event was also attended by the Securities Commission (SC), Bursa Malaysia and corporate Malaysia representatives.

MX Gklobal chief executive officer Datuk Fadzli Shah believes that regulations will play a main role in the crypto space going forward.

"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," he said at the event.

In March, MX Global first announced equity investment into the company from Binance.

Fadzli said the partnership with Binance allowed MX Global to accelerate growth and market penetration not only through equity investment but also through technology and talent transfer.

"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," he added.

He said MX Global was also looking into the elements that can be replicated in the Malaysian environment.

Meanwhile, Zhou said the company wanted to become global by going local and a licenced cryptocurrency exchange player globally and working with various industries and regulators to help shape good regulations that promote innovation, and at the same time protect investors.

"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 said.

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