MX Global Sdn Bhd, a local Recognised Market Operator-Digital Asset Exchange (RMO-DAX), has been given the green light by the Securities Commission (SC) Malaysia for its trading platform, MX Exchanges. As with other DAX on the market, MX Exchange will now be able to trade select cryptocurrencies in the country.
Specifically, MX Exchange currently only trades with Bitcoin and Ethereum and pairs the two digital coins to the Malaysian Ringgit. Further, to lead the charge, the company has appointed Dato’ Fadzli Shah, as its CEO.
“We are deeply grateful for the confidence entrusted upon us by the Securities Commission Malaysia (‘SC’). We look forward to working closely with the SC, the crypto community and local partnerships to build an amazing investor experience and expand Malaysia’s thriving local capital markets.”
Prior to MX Exchange’s approval, only three DAXs are allowed to operate in the country: Luno, SINEGY, and Tokenize. There have been other cryptoexchanges operating in Malaysia as well, however, those companies were not officially recognised by the SC. Binance, specifically, was one such DAX and was forced to shutter its operations within the country, after a cease and desist was issued to them.
MX Exchange is currently only available as a desktop app, but its parent company says that a mobile app should be available to the masses soon.