Binance has been in the news for the past couple of weeks for various reasons. While it has faced backlash from the governments in the UK and Singapore, it has made considerable progress on other fronts. The biggest development for Biancne comes from Indonesia, where it has partnered with Indonesian telecommunication provider Telkom Indonesia. The partnership comes as a result of Biancne’s involvement with MDI Ventures – the investments arm of Telkom Indonesia. MDI Ventures is the leading investment firm in Indonesia and will give Binance a considerable head start in entering the Indonesian markets. As of now, MDI Ventures manages $830 million in its global portfolio. With the new partnership with Binance, the number is set to rise even more.
Binance is the largest cryptocurrency exchange in the world by trade volume. However, that does not mean that Binance had a steady way forward. It has repeatedly come under the radar of regulatory bodies and has been disallowed from operating in many countries. Binance seems to be tackling this problem differently now, with the help of partnerships and acquisitions. For example, it recently withdrew its application to trade in Singapore and instead invested heavily in a firm that already had the license. Similarly, it shut down features in its UK arm to not get into regulatory troubles. With its renewed business model, Binance is all set to get ahead of its rivals like Coinbase and Crypto.com.
