One of the world’s largest cryptocurrency exchange by traded value is seeking a fresh start on a little Crypto island in the Mediterranean.
Binance, founded last year in Hong Kong, will soon start a “fiat-to-crypto exchange” in Malta. In an interview, Zhao Changpeng stated that it is planning to open an office on the island. He added that the company mission is currently close to securing a deal with local banks that can provide access to deposits and withdrawals.
Zhao mentioned that “Malta is very progressive when it comes to crypto and Fintech.”
Since last year both regulators from China to the U.S. have been cracking down on cryptocurrency exchanges and businesses, leaving many companies like Binance struggling to find a stable base. Before, the company had an office in Japan however it struggled to get a licence to operate. Moreover, Japan’s Financial Services Agency issued a notice to the venue on Friday for working without consent.
Zhao’s venue was the world’s top-ranked exchange by volume for the past 24 hours, according to Coinmarketcap.com, trading about $1.7 billion. He mentioned that he had recently been invited by the Maltese government to review an upcoming bill that was favourable to crypto businesses.
Malta came to play as policymakers and the government has held public consultations on regulating virtual currencies, token sales, and crypto-exchanges. Last month there was the unveiling of the plans by the Malta Digital Innovation Authority that will certify and regulate blockchain-based businesses and their operations which will also create a framework to oversee initial coin offerings, the Malta Independent newspaper said.
In the coming months, Binance is currently underway to launch a decentralized exchange.