Binance is in the process of opening an office in Malta, the CEO Zhao Changpeng said in an interview. 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, he said, without providing a timeframe.
We are very confident we can announce a banking partnership there soon, Malta is very progressive when it comes to crypto and fintech Zhao Changpeng
Regulators from China to the U.S. have started cracking down on cryptocurrency exchanges since last year, making it difficult for venues like Binance to find a permanent base. The company had an office in Japan and was trying to get a license to operate there, but decided to remove its staff to avoid a clash with local regulators. Japan’s Financial Services Agency issued a warning to the exchange on Friday for operating without approval.
Binance was among seven crypto exchanges to receive a warning letter in recent months from the city’s Securities and Futures Commission telling firms not to trade digital assets defined as securities under Hong Kong law.
Malta has been looking for ways to become a hub for digital-asset ventures. 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.
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) March 23, 2018
The CEO of Binance was recently invited by the Maltese government to review an upcoming bill that was favorable to crypto businesses. His venue was the world’s top-ranked exchange by volume for the past 24 hours, according to Coinmarketcap.com, trading about $1.7 billion.