Binance to expand its operations in Indonesia
According to an announcement Wednesday, the deal also aims to promote the adoption of blockchain in Indonesia. To support the development of the new exchange platform, Binance will provide infrastructure and technology for asset management. The new partnership will allow Binance to expand its operations in a country where it already has an investment in crypto trading platform Tokocrypto."Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction," Changpeng Zhao, founder, and CEO of Binance, said in the statement.
Binance has recently faced regulatory issues
Binance has faced regulatory issues in many countries this year. On Monday, Binance announced that its Singapore branch had withdrawn its application to the Monetary Authority of Singapore (MAS) for a license to operate a regulated crypto exchange in the country. In contrast, last week, the company announced that it was acquiring an 18% stake in Hg Exchange, a private securities exchange that has received an approved market operator license from MAS.MDI Ventures is a large Indonesian technology investment firm with a global portfolio of over $830 million across various industries. MDI Ventures also operates Indonesia's most prominent digital and financial technology ecosystem, with access to over 170 million consumers on the world's largest island. Binance did not disclose the identity of the other companies involved in the MDI-led consortium in the statement.
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