The biggest crypto exchange in the world plans to move in the Mediterranean. The company is looking to open an office in Malta.
The founder of Hong Kong- based Binance, Zhao Changpend has announced that will open a “fiat-to-crypto exchange” on the European island nation. Also, he added that the company is seeking collaboration with local banks in order to be able to access the deposits and withdrawals. Unfortunately, there is no information regarding the timeframe.
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”, stated Zhao.
The Chinese authorities have been changing their opinions over the past few months. They have implemented strict regulations regarding the performance of the activities provided by crypto exchanges and businesses. Thus, many companies have been forced to choose between closing their company or moving elsewhere.
Binance was among seven crypto exchanges to receive a warning letter from SFC
Binance also held an office in Japan, wishing to obtain a license to carry out basic activities legally, but gave up because of possible new regulations, according to Zhao’s statements. The founder of Binance has disclosed that he is in talks with Hong Kong’s legal institutions but, so far, he hasn’t been able to reach a positive result.
We want to remember that the company has been included in the list of seven crypto exchanges that have received warnings from the Securities and Futures Commission in order not to trade any more cryptocurrencies because of the security from Hong Kong.
The reason why Binance chose Malta
The decision to choose Malta as the next headquarter was motivated by the opportunities to promote as a leader in virtual services. Currently, Malta does not impose strict restrictions on the use of virtual coins, even though they have held public consultations and meetings between the government members.
According to Malta Independent, the government has set up a project called Malta Digital Innovation Authority, which aims to certify and control the crypto activities.
Binance is the world’s biggest crypto exchange by traded volume
The founder of Binance had an official invitation from the Maltese government to discuss more details about new projects that are part of the crypto industry. According to CoinMarketCap, the Binance’s venue is “the world’s top ranked exchange by trading volume (about $ 1.7 billion)“.
The company is also looking to design a decentralized exchange in the coming months, according to Zhao’s statement for Bloomberg. Numerous projects are expected to be launched. So, stay tuned.