Binance, the world’s largest cryptocurrency exchange, is looking to move its main offices to Malta. Binance is only one year old, after being founded last year in Hong Kong. Founder Zhao Changpeng announced that Binance will soon start to offer a “fiat-to-crypto exchange” in Malta and are currently close to securing a deal with local banks which allows access to deposits and withdrawals.
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 move to Malta comes as policy makers look for ways to promote Malta as a leader in the digital assets sector.
A bit over a year ago Binance didn’t even exist, although since the start it has managed to accumulate 1.4 million transactions per second, with well over 6 million users.
The man behind it all, decided to sell his house in Shanghai back in 2014, to go all in on Bitcoin, and the rest is history.
When asked about his plans to move his exchange to Malta, Zhao said that “We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech”.
The founder was recently invited over to Malta by the government to review an upcoming bill that was favourable for crypto-based businesses.
Binance also has plans to launch a decentralised exchange in the coming months, this means that the exchange market does not rely on a third party service to hold the customer’s funds, instead trades occur directly between users (peer to peer) using an automated process. The main benefits of a decentralised exchange is the fact that you do not have to “trust” anyone’s security or honesty of the exchange since the funds are being held by you in your personal wallet.
Nilqgħu f’pajjiżna l-akbar kumpanija fid-dinja fil-qasam ta’ muniti diġitali. Il-ħidma tagħna f’dan il-qasam tibda tħalli l-frott mixtieq. Aktar kisbeit simili fil-jiem li ġejjin. https://t.co/u6OCSUARCP
— Silvio Schembri MP (@SilvioSchembri) March 23, 2018
This is one of the many multi-million companies that have opted to move their main offices to Malta, following in Parallel’s footsteps who last year decided to relocate to Sliema.
Is Malta going to become the focus of blockchain and cryptocurrencies in Europe? Tell us your thoughts on these big moves to Malta in the comments.