As reported by Bloomberg, Binance is looking to open an office in Malta.
Binance CEO, Changpeng Zhao, said that they were looking to start a “fiat-to-crypto exchange” in Malta. Reportedly, Binance is close to securing a deal with Malta banks. This will give the crypto exchange access to deposits and withdrawals.
Zhao continued on to say that “We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.” A specific timeline, however, has not been provided.
Why the move?
It’s likely due to the fact that, recently, Japan has been pushing back against Binance. The Japanese Financial Service Agency (FSA) will be issuing a warning to Binance that unless and until it becomes a licensed exchange in the country, it may not operate there.
The plans to move into Malta may have already been underway before the mess with the FSA occurred, but regardless, Binance may no longer need to concern itself with Japanese authorities if all goes according to plan.
Many people seem to be for this move and have taken to Twitter to voice their encouragement:
Congrats to @cz_binance for this move and @JosephMuscat_JM and @SilvioSchembri for their vision. I’m sure Binance is going to help to build a strong ecosystem in Malta and also help entrepreneurs, funds and fintech to develop their initiatives. https://t.co/kTadVinYw1
— Alexandre Dreyfus (@alex_dreyfus) March 23, 2018
With great satisfaction @cz_binance welcome to Malta. I look forward to work with you and as a @MaltaGov we’re committed to provide you with the ideal ecosystem. Thank you for being part of our vision, that of making Malta The Blockchain Island. @binance @JosephMuscat_JM https://t.co/nhFbnYH3cu
— Silvio Schembri MP (@SilvioSchembri) March 23, 2018
Binance is the largest crypto exchange by 24-hour trading volume, according to CoinMarketCap. In the past 24 hours, Binance has traded $2.2 billion.
Are you excited about the move?
Featured image: Crypto Crimson