Binance And MX Global To Raise Crypto Awareness In Malaysia

Binance Chief Executive Officer and Founder, Changpeng Zhao, has expressed his willingness to work closely together with local cryptocurrency exchanges, such as MX Global Sdn. Bhd., to further raise awareness among public users as a means to expand the industry as a whole and accelerate cryptocurrency adoption in Malaysia.

In March, MX Global Sdn. Bhd. first announced equity investment into the company from Binance, the world’s largest cryptocurrency and blockchain ecosystem.

During an event here recently, MX Global Dato’ Fadzli believes that regulations will play a main role in the crypto space going forward. “What we believe is the future will be crypto. The future will be regulated. Working closely with the Securities Commission Malaysia, we want to ensure that the products that we introduce to the Malaysian market are worthy and safe for the investors to participate in this global wave of innovation.”

Dato’ Fadzli also added that the partnership with Binance allows MX Global to accelerate growth and market penetration not only through equity investment but also through technology and talent transfer. As Binance owns the most robust and widely used platform in the world, MX Global could make use of the analysis of Binance’s trading activities as an effort to keep the market safe on its platforms. Besides, he also stated the company is looking into the elements that can be replicated in the Malaysian environment.

CZ commented on how cryptocurrency is a new trend in the technology of money and drew the analogy to when the Internet first appeared twenty years ago, describing both as “inevitable”. He further emphasised the importance of regulatory compliance and applauded MX Global as a platform that allows and supports local users to get involved in the cryptocurrency space in a safe and secure manner.

“We want to become global by going local,” stated CZ. Binance wants to be a licensed cryptocurrency exchange player globally and work with various industries and regulators to help shape good regulations that promote innovation, and at the same time protect investors.

“The industry is large enough that for the average consumers when we want to reach mass adoption, we do need regulations. We need some guidelines to operate in, and we would very much like to work with our partners and regulators to shape that together,” said CZ. “Protecting users costs a lot of money in the short term, but in the long run it will be a big win,” he added.

On the recent fall of algorithmic stablecoin TerraUSD (UST) and its sister coin Luna, CZ stated that with crypto being built upon a decentralisation system and not susceptible to a single point of failure, industry players can actually learn from such an episode and become more resilient, a point which also resonated with Dato’ Fadzli. Furthermore, CZ sees a huge potential in the future of the crypto space, especially with the concept of NFTs and blockchain. “NFT is just the beginning. Today it’s just selling art. NFT ticketing, and merchandise authentication using NFTs…all of these things will be built over the years,” he said.

Dato’ Fadzli also mentioned that MX Global is currently exploring derivative products with stakeholders. With rapid expansion plans in the works and the support from Binance, paired with the obviously growing popularity of crypto trading and exchange platforms, MX Global is optimistic about the future of the local crypto scene and its goal to establish Malaysia as a new global crypto hub.

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