Binance, founded last year in Hong Kong, has now grown to be the world’s biggest cryptocurrency exchange by its daily traded volume.
Their move to Malta was confirmed by Chief Executive Officer Zhao Changpeng in an interview with Bloomberg.
“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” Zhao said, without providing a timeframe.
He added “We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
After past crackdowns on cryptocurrency exchanges from Chinese and U.S regulators, Binance wants to find a permanent base for their office.
The company has now closed their office in Japan, after Japan’s Financial Services Agency issued a warning to the exchange for operating without approval.
Malta are pleased to welcome Binance and want to make Malta a hub for blockchain-based ventures. Joseph Muscat, Prime Minister of Malta tweeted:
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) 23 mars 2018
Binance is also planning to launch a decentralized exchange in the coming months, Zhao told Bloomberg this month. About 10 teams are working on its development, but the technology is currently too slow to replace the firm’s existing centralized exchange, he said.
Image Source: “Wikipedia”