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Binance Partners With Cambodian Regulators to Develop a Local Regulatory Framework

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Binance Partners With Cambodian Regulators to Develop a Local Regulatory Framework

With the bear market outside, Binance was seen to be increasing their workforce and partnership instead of decreasing them. In June, their competitor Coinbase announced a reduction of 18% of the workforce (5000), whereas, Binance has been doing a lot of activities to increase its firm.

However, Binance has recently signed some MoU with different governments. Some of these MoU (Memorandum of Understanding) is with the government of Kazakhstan in May. Similarly, late last year signed, an MoU with the Dubai World Trade Centre Authority (DWTCA) to increase its network.

Just yesterday, another MoU was agreed upon between the leading largest centralized exchange Binance and Cambodia’s Securities and Exchange Regulator (SERC). The MoU was geared towards spanning the knowledge of digital assets worldwide and increasing crypto adoption, thus, benefitting other crypto firms in the space.

Binance Partners With Cambodian Regulators to Develop a Local Regulatory Framework

On another note, Binance teamed up with the TikTok celebrity Khaby Lame. The 22-year-old will serve as a global brand ambassador of the company.

How Binance will help to develop the framework in Cambodia?

The recently announced memorandum between the two bodies demands that Binance help the SERC share technical expertise in cryptocurrency operations. Second, Binance will support digital asset businesses in the Southeast Asian nation and work towards designing an appropriate regulatory framework for the local industry. Lastly, Binance vowed to launch training courses and introduce cryptocurrencies and their merits to more Cambodians.

Mr. Sou Socheat, the Director-General at the Securities and Exchange Commission of Cambodia, stated that “they hope through their collaboration with Binance, will bring digital asset innovation to Cambodia the right way.” Although he stated that SERC has not yet given any licenses for the digital asset, they are working to create appropriate laws and making this MoU the Foundation of future regulatory efforts.

Binance partners with Khaby Lame and Cristiano Ronaldo

In a separate announcement, the exchange disclosed its partnership with the most followed person on TikTok – Khaby Lame. The Italian-Senegalese creator will join the platform as a global brand ambassador. The 22-year-old, who has over 144 million followers, is famous for his short videos where he silently mocks overly complicated life hacks. He has a signature hand style called “Khaby move,” which will be displayed in a future NFT collection.

Binance and Lame will aim to accelerate crypto adoption among users of the social media platform and introduce educational features. The TikToker revealed he had been intrigued by the Web3 ecosystem for some time, while jumping into a partnership with Binance is an opportunity not to be missed. With the platform’s help, he vowed to continue “make complex stuff easy and fun for everyone.”

James Rothwell – Global Vice President of Marketing at Binance – described Lame as a “cultural icon and one of the most entertaining creators globally.” The exec claimed that his charisma and sense of humor could boost Web3 adoption.

It is worth noting that last week the trading platform also penned a similar deal with another celebrity – the soccer icon Cristiano Ronaldo. Both parties will join forces to create different NTF collections, which will be listed exclusively on the Binance NFT marketplace.

Commenting on the initiative, the legend of Real Madrid and other soccer clubs said the relationship between him and his fans is “very important,” and he is happy to give them “unprecedented experiences.”

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