Binance, the world’s largest crypto exchange, plans to move to Malta.
The company, founded last year in Hong Kong, plans to open an office in Malta, said founder Zhao Changpeng in an interview in Hong Kong. According to him, Binance will soon begin to “exchange fiat to cryptocurrency” on the European island territory and is close to securing a deal with local banks that can provide access to deposits and withdrawals, without any time frames.
“We are very confident that we can soon announce a bank partnership,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”
Since last year, regulators from China to the United States have got down to crypto exchanges and companies, as a result of which many of them, like Binance, are trying to find a permanent base. The company had an office in Japan and was trying to get a license to work, but decided to withdraw its personnel to avoid a collision with local regulators, Zhao said. The Japanese financial services agency issued a warning on Friday regarding activities without permission.
ZHAO SAID THAT HE ALSO ALSO CONTINUES NEGOTIATIONS WITH AUTHORITIES IN HONGKONG, BUT THE RESULTS OF THESE NEGOTIATIONS HAVE BEEN UNCERTAINTY
Binance was among the seven crypto exchanges that received a warning from the Securities and Futures Commission in recent months, in which companies were forbidden to trade digital assets defined as securities under Hong Kong law, a person familiar with the letter shared.
A decisive factor for Malta is that politicians are looking for ways to promote the nation as a leader in digital assets. The government held several public consultations on the regulation of virtual currencies, the sale of tokens and crypto-instruments. It reported that plans were made last month to create an independent digital innovation agency in Malta that will certify and regulate the activities based on the blockbuster and their actions. The newspaper reported that the organization would also create rules for monitoring proposals for ICOs.
ZHAO SAID THAT HE HAS INVITED BY THE MALTA GOVERNMENT FOR THE CONSIDERATION OF THE FORTHCOMING BILL, WHICH EVALUATED AS FAVORABLE FOR CRYPTOBIZINES
According to Coinmarketcap.com, Binance ranked first in the world in the last 24 hours, trading at about 1.7 billion dollars.
Binance also plans to open in the coming months a decentralized exchange, said Zhao Bloomberg this month. According to him, about 10 teams are working on its development, but the technology is now too slow to replace the existing centralized exchange.