The world’s largest cryptocurrency exchange by trading volume, Binance, is moving to Malta and will soon start a fiat-to-crypto exchange.
Until now, Binance has been based in Hong-Kong, but because regulators are cracking down on cryptocurrency exchanges, Binance is having a hard time finding a permanent base.
After reviewing several locations, Binance decided to open an office in Malta due to its existing pro-blockchain legislation and efforts to become a leader in the digital assets sector.
“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.” Said Changpeng Zhao.
In Malta, Binance plans to start a “fiat-to-crypto exchange” and they are hoping to announce a banking partnership soon that can provide access to deposits and withdrawals.
“We are very confident we can announce a banking partnership there soon,” Zhao told Bloomberg. “Malta is very progressive when it comes to crypto and fintech.”
Malta’s Prime Minister, Joseph Muscat, shared the news on Twitter, underlining that Malta is devoted to becoming “the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.”
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
News of Binance’s move to Malta comes after the exchange received a formal warning from Japan’s Financial Services Authority for operating in the country without a license.