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Binance sees crypto recovery with closer ties to regulators

Largest crypto exchange signs deal with Cambodian authorities

Leon Foong, head of the Asia Pacific market for Binance, said the company sees the current dip in cryptocurrency prices as a chance to rebuild the industry with stronger players. (Source photo by Francesca Regalado and Binance website)

BANGKOK -- Cryptocurrency giant Binance is changing tack as it eyes the underdeveloped industry in Southeast Asia, reversing an "enter first, comply later" approach that has triggered warnings by financial authorities in the U.K., Japan and Singapore.

Binance, the world's largest digital asset exchange by trading volume, signed on Thursday an agreement with the Securities and Exchange Regulator of Cambodia to develop a legal framework for regulating and developing the local digital asset industry. Rules on cryptocurrency, both as a method of exchange and as an asset class, remain patchy in Southeast Asia.

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