- Binance re-enters Malaysia.
- Partners together with MX Global strategically.
- Both aim in expanding their business throughout Malaysia efficaciously.
Seems whatever the founder and CEO of Binance, Changpeng Zhao termed up previously through open statements are indeed true. It’s all a well-known story that the world’s largest crypto trading platform in terms of market cap volume, Binance, was targeted numerous times.
Binance was targeted by many countries all around the world, ceasing their operations in their respective countries. All accusations raised by those countries which banned Binance were all just upon the new rules and regulations imposed by them.
In spite of this, various lawsuits were also filed by many countries regarding failure to apprehend proper legalization and non-adherence to new rules and regulations devised by the countries. In addition to this, Binance operated in many countries even without a proper license.
Back to Malaysia
In spite of all the above, one such country to put a ban on Binance was Malaysia. Malaysia banned Binance around July 2021, on the terms that it failed to comply with certain regulatory laws devised by the government.
However, to the surprise, Binance has managed a way to get back and operate in Malaysia. This time completely legally! Yes, Binance has strategically bought a large stake in the MX Global crypto exchange platform. MX Global is the leading crypto trading platform in Malaysia.
As Binance already has a quite relatable establishment throughout Asia, now with this strategic move, it plans to expand efficiently throughout south-eastern Asia. In spite of this, the dominance of Binance will be on rising throughout southeast Asia evidently and also at the same time to increase the crypto trading too.
Besides, it’s a win-win situation for MX Global too, as now it aims in establishing and expanding its platform through fund inflows and making an even more prominent stand in Malaysia.