The leading crypto platform – Binance – is reportedly about to launch a business in Malta.
According to the statement of Binance CEO, it will be a Malta-based trade platform providing exchange services of fiats to digital coins. Thus, the company is building bridges with local banking organizations for deposits and withdrawals.
“We are very confident we can announce a banking partnership there ...Malta is very progressive when it comes to crypto and financial technology,” he commented.
Binance has been looking for the country to set up its head office, especially facing China and USA willing to close crypto exchanges since 2017. Specifically, the company runs a business from Japan and even attempted to pass certification there. However, they have decided to relocate its business unwilling to conflict with FSA. Moreover, the latter was said to send a license notice to the exchange lately. The regulator stated that the license is required for operations in Japan.
Moreover, the exchange faced challenges in Hongkong too. Back in February, the Securities and Futures Commission notified that the company had to stop crypto trading as it broke local ruling, which considered cryptocurrency as securities.
At the same time, Malta appears to be a good place to set up the Binance base. First of all, it should be taken into account that the country strives to become the center of digital businesses. "The government has held several public consultations on regulating virtual currencies, token sales, and crypto-exchanges. Plans for a Malta Digital Innovation Authority that will certify and regulate blockchain-based businesses and their operations were unveiled last month," according to Bloomberg report.