Binance Signs Agreement With Cambodian Regulator to Help With Regulations

Binance continues its relentless push into Asia by signing a Memorandum of Understanding with Cambodia’s Securities and Exchange Regulator (SERC) to guide the adoption of a digital asset framework.

His Excellency Mr. Sou Socheat, Director-General of the SERC, sees this new partnership as the first step in legitimizing the digital asset industry. At the same time, Gleb Kostarev, Binance Regional Asia head, considers the partnership an opportunity for Cambodia to lead the Southeast Asian market.

Socheat said the SERC has already begun work on regulations but has not yet issued any digital asset licenses. Its north-western neighbor Thailand has only granted eight. As part of the Memorandum of Understanding, Binance will lend technical knowledge on the operation of the digital asset market and train the securities regulator accordingly.

Leon Foong, who heads up Binance’s Asia-Pacific market, said that the company does not believe in monopolizing a market where crypto penetration is under 10%. Instead, it would look to partner with regional heavyweights like Bitkub, which handles 90% of the crypto trading volume in Thailand. This strategy would contribute to market growth and education of both citizens and regulators on the benefits of blockchain technology.

Binance teams up with Tik Tok star to push Web 3 education

In keeping with the theme of education, the world’s largest exchange by trading volume announced today a partnership with TikTok influencer Khaby Lame to promote and inform the public about Web 3 technologies. Under the agreement, Lame will be a Binance Brand Ambassador to his 142 million followers, breaking down Web 3 using his signature style and providing NFTs to his fans. James Rothwell, Binance Global Vice-President of Marketing, said that Lame would make Web 3 relatable and fuel Binance’s push toward greater adoption of emerging technologies in the space.

Binance changes modus operandi

Binance is reversing its earlier modus operandi of first entering a market and then looking to comply. It is now proactively meeting with regulators before setting up shop.

CEO Changpeng “CZ” Zhao met with regulators in the Philippines earlier this month, where it aims to procure a license to operate as a Virtual Asset Service Provider and Electronic Money Issuer. CZ met with officials to discuss integrations with the banking system in the country, where play-to-earn games like Axie Infinity have proven popular.

The CEO also met with French President Emmanuel Macron as a precursor to obtaining a license to operate a French subsidiary. French MEP Aurore Lalucq has slammed the ruling by the Autorité des Marchés Financiers, and has urged the body to reconsider its decision.

It has yet to win approval from the Financial Conduct Authority in the U.K.

Binance pulled out of Singapore after purchasing a stake in another exchange, HGX.

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