Binance Exchange to Open Office in Malta amidst Crackdown in Japan
Major cryptocurrency exchange Binance is seeking a fresh start in Malta amid crackdown by Japanese regulators, Bloomberg reported Friday, March 23.
According to Bloomberg, the Hong Kong-based exchange which is the world’s largest cryptocurrency exchange by traded value, will work with local banks in Malta for deposits and withdrawals for a “fiat-to-crypto” exchange.
Binance CEO Changpeng Zhao “CZ” told Bloomberg that he had been invited to Malta by the government to consider a bill “favorable” to crypto companies:
“We are very confident that we can announce a banking partnership there soon.”
According to the local news outlet Malta Independent, the country’s government launched the Malta Digital Innovation Authority in February 2018 to provide legal clarity to companies developing blockchain technologies, cryptocurrencies and Initial Coin Offeringings (ICO).
The Prime Minister of Malta, Joseph Muscat, expressed his enthusiasm for Binance Malta movement on Friday via Twitter. He stated that Malta “aim to be the global trailblazers in the regulation of blockchain-based businesses.”
Zhao responded to the Prime Minister’s tweet, adding a sentence about the global possibilities of cryptographic technology in Malta:
“Malta is very progressive when it comes to crypto and fintech. We think it is a good place for other crypto businesses to look into as well.”
Binance is currently under scrutiny by Japan’s financial regulators, the Financial Services Agency (FSA), over its lack of registration in the country. The FSA had issued warning letters to Binance and six other crypotocurrency exchanges in February, indicating that the letters were a warning against non-compliance to laws governing cryptocurrency Startups in the country.
Zhao noted that the warning had led Binance to consider the move to the Island Nation.
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