March 23, 20183min887

Binance is seeking a fresh start in the Mediterranean

The world’s largest cryptocurrency exchange by traded value, Binance with over 6mil users is setting up operations in Malta.
The company, founded by ICO last year in Hong Kong, is planning to open an office in Malta, Chief Executive Officer Zhao Changpeng said in an interview. Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing any timeframe.

Zhao said:

“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”

Regulators in China U.S. and others around the globe have been cracking down on cryptocurrency exchanges since last year, making it difficult for exchanges to find a permanent base. Binance had an office in Japan and was trying to get a license to operate there, but decided to remove its staff to avoid a clash with local regulators, Zhao said. Japan’s Financial Services Agency issued a warning to the exchange on Friday for operating without approval.

Zhao said he was also continuing discussions with authorities in Hong Kong, but that the outcome of those talks was uncertain. Binance was among seven crypto exchanges that received a warning letter in recent months from the city’s Securities and Futures Commission telling firms not to trade digital assets defined as securities under Hong Kong law.

Binance investment in Malta comes as the country looks for ways to become a hub for digital-asset ventures. The government has held several public consultations on regulating virtual currencies, token sales and crypto-exchanges. Plans for a Malta Digital Innovation Authority that will certify and regulate blockchain-based businesses and their operations were unveiled last month, the organization will also create a framework to oversee initial coin offerings.

Zhao said he had recently been invited by the Maltese government to review an upcoming bill that was favourable to crypto businesses.

 

Prime Minister and Leader of the Labour Party – Malta Twitted:

 

 

 


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