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Malaysian-based fintech and trading platform MX Global has announced the onboarding of Binance exchange- the world’s biggest cryptocurrency trading platform in terms of transaction volume, as a strategic investor in the company.
Per the announcement from MX Global, the strategic cooperation will help support sustainable cryptocurrency growth in South-East Asia and create opportunities for future partnerships in the region.
“MX Global aspires to be the preferred liquidity platform for the digital asset or cryptocurrency investors and token issuers locally and internationally,” said Dato’ Fadzli Shah, the Chief Executive Officer of MX Global, “The cooperation of Binance will not only support us in achieving this goal but should also provide the most capital-efficient opportunity for us to align and compete with other global players in the industry. We will continue building a safe, easy, and real digital asset ecosystem for our customers.”
MX Global is one of the major digital currency platforms that is recognized by the Malaysian Securities Commission (SC). The platform follows regulatory provisions to provide customer-centered products to the masses. The funding from Binance will open the platform to the bigger exchange’s network, as it seeks to establish a dominant presence in the Asian region.
“We see potential in Malaysia given its respected and innovative crypto and blockchain community. We believe that partnering with MX Global will be a springboard to new opportunities, both in Malaysia and the region as a whole as well as across the entire crypto and blockchain ecosystem,” said Changpeng Zhao (CZ), Founder and CEO of Binance.
The strategic investment may also be used as an avenue by Binance Exchange to redirect its relationship with the Malaysian finance regulator who flagged the platform for operating illegally in the country. While Binance will use MX Global as one of its options to boost its relationship with the regulator in Malaysia, similar investment strategies come off as one of the exchange’s models to extend its reach and be in the good books of local watchdogs.
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