World’s Largest Cryptocurrency Exchange to Set Up Operation in Malta

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Sun, 03/25/2018 - 07:44
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  • Binance, the world’s largest cryptocurrency exchange by traded value, is going to set up operations in Malta

Cover image via U.Today

Binance, the world’s largest cryptocurrency exchange by traded value, is going to set up operations in Malta, the company announced Friday.

The announcement came one day after the Japanese finance regulation authority issued a warning to Binance because it was operating in the country without approval.

Pivot to Europe

The crypto-to-crypto exchange based in Hong Kong will soon start a “fiat-to-crypto exchange” on the Mediterranean archipelago, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, CEO Zhao Changpeng said in an interview with Bloomberg Friday.

Malta became the new destination “due to its existing pro-Blockchain legislation and the stability that it offers financial technology companies through its regulatory framework,” the exchanged said in a blog post published yesterday.

Malta’s ambition

Malta “aims to be the global trailblazers in the regulation of Blockchain-based businesses and the jurisdiction of quality and choice for world-class fintech companies,” tweeted the country’s Prime Minister Joseph Muscat as he welcomed the exchange.

The move should bring 200 jobs to the country, Binance said.

The Maltese government has held consultations on regulating ICOs, cryptocurrencies and exchanges. A Malta Digital Innovation Authority is to be set up to provide regulatory certainty; Malta Independent reported last month.

Binance is still in talks with authorities in Hong Kong, where it is currently headquartered, Zhao said, but the prospect was uncertain.

About the author

Sylvia  is a Washington-based reporter and writer interested in blockchain, other fintech, future of money and how they interact with existing institutions. Besides English, she speaks Mandarin, Cantonese and French.

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