Binance has created a range of new partnerships with regulated companies, especially in countries where regulatory recognition is difficult.
World Leading Crypto Exchange Accounting, MX Global returns from trading volume in Malaysian markets with a strategic stake in the country-controlled digital asset trading platform.
Binance & Cuscapi Berhad hold a major stake in MX Global, one of the four accredited market operators licensed by the Securities and Exchange Commission of Malaysia (SC).
While the leading crypto exchange has a significant presence in the Asian region and with the new partnership in Malaysia, the exchange aims to expand the steady growth of the crypto market in Southeast Asia. On the other hand, the bank aims to expand its market presence in MX Global and become a leading liquidity hub in the region through recent partnerships and new capital inflows.
Binance’s recent partnerships reflect a similar pattern, especially since it is difficult to minimise the need for independent regulatory consent for conversion. The Crypto Exchange in Malaysia regulated its services in July 2021 following an SC order for non-compliance with regulatory regulations.
The A spokesman representing the Finance told that a recent partnership with Crypto Exchange has helped to understand and explain the local regulatory process:
“It’s part of Binance’s programs to collaborate with regulators. We support local representatives to further expand their businesses by working on regulated platforms”.
Currently, in Singapore, Crypto Exchange withdrew its crypto licence application a week after announcing its 18% stake in the private stock exchange. The cryptocurrency exchange has been able to gain access to the United Kingdom’s sterling payment network in collaboration with PaySafe since the country’s regulator banned it in 2021.
The crypto exchange followed a similar strategy in Thailand, where the exchange was forced to cease operations in July 2021 but re-entered the Thai market in January 2022 in partnership with the country’s Gulf Energy Development PCL.
However, in 2021, Binance faced regulatory alerts and service restrictions from more than a dozen countries. However, in most of these countries, the exchange was able to improve its regulatory relationship through third-party partnerships.
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