Major cryptocurrency exchange Binance has announced that it will be opening an office in Malta in the wake of yesterday’s news that Japanese regulators had issued a warning to the exchange, Bloomberg reports today, March 23.
Hong Kong-based Binance, which is the number one exchange by 24 hour volume listed on CoinMarketCap, will work with local Malta banks for deposits and withdrawals for a “fiat-to-crypto” exchange.
Binance CEO Changpeng Zhao, known in the crypto community as “CZ”, told Bloomberg that he had been invited to Malta by the government in order to look at an upcoming bill “favorable” to crypto businesses:
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
According to the local news outlet Malta Independent, the country’s government had launched the Malta Digital Innovation Authority in February 2018 in order to provide legal clarity for companies developing Blockchain technologies, cryptocurrencies, and Initial Coin Offerings (ICO).
The prime minister of Malta, Joseph Muscat, tweeted his excitement for Binance’s Malta move earlier today:
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