The world’s largest cryptocurrency exchange Binance has found its way back into the Malaysian market following an equity investment into MX Global, a fintech company based in Kuala Lumpur. MX Global wants to establish a crypto trading platform that will provide cryptocurrency trading services to consumers, merchants, and traders.
MX Global To Add More Features
Apart from Binance, the company also received investments from Malaysian firm Cuscapi Berhad in the form of redeemable convertible preference shares.
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Malaysia started regulating the crypto market after the enactment of the Capital Markets and Services Order in 2019. According to the order, all digital assets will be seen as securities for the law in Malaysia.
MX Global is one of the four licensed digital asset operators in Malaysia. The company offers solutions for consumers to trade and store crypto assets. The fund will enable MX Global to add new features, high more high-quality talent, and build brand awareness, according to Chief Executive Officer of MX Global, Fadi Shah. He added that the company’s goal is to be the go-to liquidity platform for cryptocurrencies and other digital assets in Malaysia and around the world. The partnership with Binance will help to speed up the growth by providing the most capital-efficient opportunity for the firm.
Binance Continues Global Expansion Goal
Binance has a major presence in the Asian region, but this presentation will expand even further following the partnership. The crypto exchange is always working to enable more crypto and digital currency adoption across the world. Although the investment amount was not disclosed, it’s enough to give Binance certain rights and privileges in the Malaysian market.
Binance has invested massively in different fintech companies as the crypto exchange focuses on its continued global expansion. Although it still faces challenges when it comes to maintaining regulatory compliance in the region, the recent partnership will give it a little space to explore the Malaysian market again.
Malaysian regulators restricted the crypto exchange’s activities in the country in July last year. But this will be a massive step towards re-establishing its presence in the Asian country.
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