Bitcoin exchange Binance is ready to work closely with cryptocurrency trading platforms in Malaysia to accelerate the adoption of digital assets in the country. This was stated by company president Changpeng Zhao, who wrote in the local press.

He emphasized the importance of compatibility during the Cryptocurrency Market Trends and Future Opportunities conference. According to him, Binance’s plan is to “go global by acting locally”.

“We need some guidelines to work with and would love to collaborate with our partners and regulators. […]. Protecting users will cost a lot of money in the short run, but it will be a big win in the long run,” he added.

Trading platform MX Global acted as one of the partners in Malaysia. In March, the company announced that it would make an investment from Binance.

During the conference, platform CEO Fadzli Shah Anuar added that the partnership will allow MX Global to accelerate growth and adoption not only through funding, but also through “technology and talent transfer”.

The top executive also noted that Malaysia should deal with regulatory issues. According to him, authorities should help bring the cryptocurrency mainstream and not just view it as a speculative asset.

In July 2020, the Securities Commission of Malaysia (SC) added Binance to its list of legal entities whose activities are not in compliance with the law.

In 2021, the regulator declared sanctions action against the company “for illegally managing the digital asset exchange.”

Recall that the law on cryptocurrencies and digital tokens in Malaysia was passed in 2019. At the same time, SC registered the first three digital asset exchanges.

March 2022 K-KOMM urged authorities to develop a legal framework for the legal circulation of bitcoin and other cryptocurrencies.