Binance moves to Malta and prepares …
Binance Moves To Malta And Prepares To Add Fiat Support
Binance, a cryptocurrency exchange founded in Hong Kong last year, is planning to open an office in Malta. Bloomberg writes about this with reference to the statement of CEO Changpeng Zhao.
In the near future, Binance will begin serving fiat-to-cryptocurrency trading. The exchange is already close to reaching an agreement with Maltese banks that will allow it to handle fiat deposits / withdrawals, Zhao said without specifying a specific timeframe..
“We are extremely confident that in the near future we will be able to announce the conclusion of a banking agreement,” he said. “Malta is very progressive on the issue of cryptocurrencies and fintech”.
The restrictions imposed by the Chinese and US authorities have forced Binance to seek a new jurisdiction to host its business. The exchange tried to obtain a license from the Japanese regulator and even opened an office in that country, but was later forced to close it to avoid problems with local authorities, Zhao said. As a reminder, the Japan Financial Services Agency this Friday issued a warning to Binance for servicing trading without a license..
Zhao said that he continued to negotiate with Hong Kong regulators, but this never came to anything. Binance was among the seven cryptocurrency exchanges to receive a warning from the Hong Kong Securities and Exchange Commission, which required them not to trade digital assets designated as securities.
Malta, on the contrary, contributes to the development of the cryptocurrency industry in every possible way. The government has held several public consultations on the regulation of virtual currencies, ICOs and marketplaces.
Zhao said he was invited by the Maltese government to participate in the process of preparing a law to regulate the cryptocurrency industry.
According to the CEO of Binance, about 10 teams are currently working on the development of a new decentralized exchange, the creation of which was announced earlier, but it is not yet able to demonstrate sufficient performance to replace the existing centralized engine..
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