Finance Minister backs president over Binance donation rejection

Finance Minister Clyde Caruana has backed President Myriam Spiteri Debono’s controversial decision to reject a multi-million-dollar donation from cryptocurrency exchange Binance, while warning that proposed mass transport projects could financially crippled the country.

"You either give to charity, or you don't. Don't dance around it," Caruana said when asked about the president's stance on the Binance donation in a pre-budget interview by Times of Malta.

The donation, originally made in 2018, was the subject of a protracted legal dispute over how the crypto funds would be managed. An out-of-court settlement was reached earlier this year with the MCCFF dropping the court case it had instituted, and both sides agreeing that Binance would withdraw the pledge.

The Malta Community Chest Fund’s rejection of the crypto donation sparked a dispute between Prime Minister Robert Abela and President Myriam Spiteri Debono. The donation, originally made in 2018 and worth $200,000 in BNB cryptocurrency, has grown to almost $39 million due to the currency's appreciation over six years.

President Spiteri Debono defended the decision last week, describing the donation as "bogus" and citing concerns over Binance's international reputation and the company's insistence on accessing patient records.

She said the saga was "never-ending" with "no end in sight".

Abela expressed disappointment at the lost funds, urging the charity to reconsider and suggesting it was being “more puritanical than it should.” He confirmed learning about the out-of-court settlement only through media reports.

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Mass transport projects could 'royally screw' Malta

On transport infrastructure, Caruana strongly criticised proposals for a metro and tram system, warning they would cost billions and require implementation across multiple governments. He questioned whether the public was prepared to give up cars for public transport, noting Malta is "not a nation used to walking.”

“As a finance minister, I don't feel at ease to keep a straight face in public and say that this will not have an impact on finances,” he said. “If we get it wrong, we're royally screwed."

The finance minister warned of inevitable cost overruns and highlighted the absence of discussion about ongoing maintenance expenses for such large-scale transport projects.