Binance Partners With Cambodian Regulators to Develop a Local Regulatory Framework

The world’s largest cryptocurrency platform – Binance – struck a deal with the Securities and Exchange Regulator of Cambodia (SERC). The collaboration will aim to impose comprehensive rules on the domestic digital asset sector and support the endeavors of crypto firms.

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.

Binance’s Efforts in Cambodia

In a recent announcement, the exchange informed that its partnership with the SERC will follow three main key targets.

First, both parties will share technical expertise in cryptocurrency operations. Second, they 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. Socheat – Director-General of the SERC – noted that the watchdog has not issued any digital asset license yet but hopes to change that trend with the help of Binance.

“We are expecting to develop proper regulations and expect this Memorandum of Understanding (MoU) to be a stepping stone for our future regulatory work,” he added.

Commenting on the collaboration was also Gleb Kostarev – Binance Regional Head of Asia. He outlined that the blockchain and digital asset adoption rate in the Southeast Asian region is on the rise, meaning that Cambodia has the potential to turn into a global crypto hub.

“Binance hopes to add value to the Cambodian securities industry by providing extensive and professional knowledge of the digital asset market,” the exec concluded.

Binance and Khaby Lame

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.

Binance and Lame will aim to accelerate crypto adoption among users of the social media platform and introduce educational features. 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.

Meet our new brand ambassador @KhabyLame, the most followed creator on TikTok 🤲🏾

Through this partnership we will:
🔸Drive crypto education
🔸Launch exclusive Khaby Lame NFT collections
🔸Debunk crypto & Web3 myths
🔸Grow the industry & #Binance ecosystem

Welcome aboard Khaby! pic.twitter.com/pZi36Lcwl7

— Binance (@binance) June 30, 2022

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.” His charisma and sense of humor could boost Web3 adoption, the exec claimed.

It is worth noting that last week the trading venue inked 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.”