World’s largest cryptocurrency exchange moving to ‘very progressive’ Malta

A move to Malta for the Chinese platform Binance is on the cards following crackdowns on cryptocurrencies in China and Japan

Zhao Changpeng founded Binance in 2017
Zhao Changpeng founded Binance in 2017

Binance, the world’s largest cryptocurrency exchange by traded value will be relocating to Malta, according to Bloomberg.

As of January 2018 it was largest crypto-exchange with a BNB market capitalization of $1.3 billion. BNB is the exchange’s own coin which can be used on its platform.

The website quotes Zhao Changpeng, the platform’s founder, saying an interview that the company was planning to open an office in Malta, where it is planning to start a “fiat-to-crypto exchange”.

According to the website, Binance is close to “securing a deal with local banks that can provide access to deposits and withdrawals”.

“We are very confident we can announce a banking partnership there soon,” Zhao was quoted saying. “Malta is very progressive when it comes to crypto and fintech.”

Parliamentary secretary for the digital economy Silvio Schembri, who is piloting Malta's new digital ledger technologies legislation, welcomed the news, adding that similar announcements should be expected. 

Binance was founded in 2017 and raised $17 million in a July 2017 initial coin offering for its ERC20 BNB token.

Despite having been founded in China, the company moved its servers and headquarters to Japan in response to a Chinese government ban on cryptocurrencies in September 2017. It also established offices in Taiwan in March 2018.

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