Binance has embarked on an aggressive expansion plan in Southeast Asia. The plan seeks to leverage the fast-growing trading activities of crypto exchanges to establish leadership in the region and build influence in the local market.
These ambitions were made possible by a series of regional appearances by Binance founder and CEO Changpeng Zhao (commonly known as “CZ”) over the past month. During this time, executives meet with government officials, regulators and industry players to assert his desire to be part of the company’s plans and aspirations, strategic partnership inks, and regulatory debates.
In Cambodia, Binance signed an agreement with Cambodian securities trading regulators on June 30, 2022 to help develop a legal framework to regulate and promote the local digital asset industry.partnership Is displayed Binance shares technical knowledge and experience in managing digital assets, provides training on digital assets, and provides regulatory advice.
In Vietnam, CZ participated in the VietnamNFT Summit 2022 held by the Vietnam Blockchain Association on June 4, 2022. publication Partnerships focused on research exchanges, blockchain technology applications and human resources development.
Founder at another event during CZ’s visit to Vietnam share The government has expressed his commitment to continue to comply with local regulations, hoping that Binance will create favorable conditions for expanding its business locally.
In the Philippines, CZ met Last month we talked with authorities about regulations and bank support for the expansion of the country. At a media briefing on June 8, 2022, the company shared plans to enter the market and said it was interested in at least two licenses (Virtual Asset Service Provider (VASP) License and E-Money Issuer (EMI) License). Said.
Image via Unsplash
According to CZ, Binance is also looking for a local partner and is willing to invest in both the local fintech sector and the banking industry.
In Malaysia, Indonesia, Thailand and Singapore, the company is partnering with local players to establish a presence or strengthen its footprint.
At the Crypto Market Trends and Future Opportunities event hosted by Malaysia’s cryptocurrency exchange MX Global, Binance on June 2, 2022 Said He was willing to work closely with local crypto trading platforms to raise public user awareness, expand the industry as a whole, and accelerate the adoption of cryptocurrencies in the country.
Binance Won Strategic stocks of MX Global, one of the four countries Regulated digital asset trading platform..
The event was attended by approximately 250 guests, including industry players, private investors, institutional investors, the Securities Commission, the Malaysian Stock Exchange, and representatives of corporate Malaysia.
Similarly, in Singapore, Binance Won As a result, in December 2021, 18% of the locally regulated private stock exchange Hg Exchange (HGX) Withdrawal Applying for a license from the Monetary Authority of Singapore (MAS) to provide a digital payment token service.
In Indonesia, we plan to start a new digital asset exchange Was announced last year. A joint venture consisting of Binance and a consortium led by MDI Ventures (MDI), the venture capital (VC) division of Telkom Indonesia’s largest telecommunications company, was established to launch and operate the exchange.
The members of the consortium have not been disclosed, but it is said to have access to more than 170 million consumers in Indonesia.
A similar strategy has been adopted in Thailand, where Binance exists. publication Earlier this year, we set up a digital asset trading platform in a joint venture with Gulf Energy Development.
Gulf Energy Development CFOYupapin Wangviwat Said In February, Reuters expected the joint venture to take about six months to license the transaction, followed by other features.
Gulf Energy Development, one of the country’s largest producers of electricity, is diversifying its portfolio by investing in renewable energy, highway projects and telecommunications.
Cryptographic transactions have exploded in Thailand, reaching THB 251 billion (US $ 7.57 billion) in November 2021. according to To Bangkok Post quoting official data.Trade accounts surged to about 2 million at the end of 2021, from just 170,000 at the beginning of the year, provincial officials Said January 2022.
Binance is closely monitored and face Inquiries regarding numerous regulations in several jurisdictions. It mainly includes money laundering and tax evasion claims, and proceedings from traders who have frozen their accounts.
Last year, the company strengthened its legal, compliance and security teams and worked closely with financial regulators around the world to build trust.
Founded in 2017, Binance is the world’s largest cryptocurrency exchange, processing over US $ 13 billion in spot trading volumes per day and over US $ 60 billion in daily derivative trading volumes. data From Coin Gecko.
The company continues to expand and is currently aiming to expand its global workforce from 2,000 to less than 10,000. Said Nikkei Asia earlier this month.
Featured Image Credits: Edited from Freepik
