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Binance Partners With Malaysian Exchanges to Accelerate Crypto Adoption (Report)

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Binance, the world’s leading cryptocurrency platform, has reportedly announced its intention to join forces with Malaysian exchanges to develop the local digital asset sector.

Malaysia May Benefit from Binance’s “Robust” Platform

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Binance has shown a commitment to strengthening its global footprint and Southeast Asia is one of its key targets. Three months ago, he invested in MX Global (one of the Malaysian cryptocurrency exchanges). The latter will use the capital to educate locals about the merits of crypto, scout for talent in the field, and develop new features within the domestic regulatory framework.

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According to a recent coating, Binance will redouble its efforts in Malaysia, pledging to work closely with MX Global and other local trading platforms. The goal of the initiative is to accelerate the adoption of cryptocurrencies in the region and raise awareness among Malaysians.

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Datuk Fadzli Shah, CEO of MX Global, stated that his company believes that crypto is the future. He also expects the industry to function according to the relevant rules.

“Working closely with the SEC, we want to make sure that the products we bring to the Malaysian market are worthy and safe for investors to participate in this global wave of innovation,” the CEO added.

In addition, Shah praised Binance for being “the most trusted and widely used platform in the world.” He concluded that cooperation with the company could have a positive impact on local exchanges and the economic environment in Malaysia.


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Changpeng Zhao, the head of Binance, also spoke on this occasion. He reaffirmed his firm’s commitment to expanding as much as possible across multiple regions and added that his company wants to work with regulators and promote innovation.

“The industry is big enough that for the average consumer, when we want to achieve mass adoption, we need rules. We need some guidelines to work with and we would love to work with our partners and regulators to shape them together. In the short term, protecting users costs a lot of money, but in the long term, it will be a big win.”

Malaysian Crypto Ecosystem

Earlier this year, there were rumors that the country followed El Salvador’s lead and adopted bitcoin as legal tender. At that time, the Ministry of Communications had hopes that the government would allow such a move, arguing that it could be beneficial for the younger generation.

However, shortly thereafter, the country’s Deputy Finance Minister Mohd Shahar Abdullah rejected this possibility. According to him, bitcoin and altcoins “are not suitable for use as a payment instrument due to various restrictions.”

While Abdullah believes that Malaysia should not interact with cryptocurrencies, this is not the case with Central Bank Digital Currencies (CBDCs):

“The growing technology and payment environment has prompted Bank Negara Malaysia to actively evaluate the potential of a central banking digital currency (or CBDC).”

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Credit : cryptopotato.com

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