Crypto News | Binance Moving to Malta

Malta is a small, yet beautiful country with a rich history and culture. You have the Megalithic Temples of Malta and the Knights Hospitaller, while today many might associate Malta with Corto Maltese and “The Italian Man Who went to Malta” video.  Binance moving to Malta being added to the list was not something that a lot of people expected. So, how did that happen?

Here’s the story. Yesterday it was reported that the Japanese Financial Services Agency plans to issue a warning against Binance, based in Hong Kong, for operating in Japan without a license. There was a lot of speculation yesterday and even earlier today, with many shaken by the confusion, while news articles titled “Binance in trouble in Japan” flooded the Internet. Let’s not forget, Binance is currently the biggest cryptocurrency exchange in the world, while Japan is the biggest cryptocurrency market. Consequently, the cryptocurrency market has suffered some losses, with the price of BTC falling back below $9,000, then stagnating around $8,465.

Changpeng Zhao, CEO of Binance, took to Twitter to comment on the rumors, saying that the news sources a re irresponsible when it comes to this type of news and that the exchange is constantly communicating with the JFSA.  It does not make sense, you say?

Earlier today, the FSA issued a formal warning to Binance, ordering the exchange to “suspend its services to Japanese residents with immediate effect”, Financial Times report. When asked for comment, Changpeng showed unwillingness to answer the question whether Binance halted its operations in Japan, saying instead that Japan accounts for less than 7% of the exchange’s volume and that whatever happens, it will have zero effect on non-Japanese customers.

As we all know, the last two months have been particularly rough for Binance. First there were the false and overblown hacking rumors, then Binance thwarted a real large-scale attack and offered a bounty, and now the ban.

Binance was thinking about ditching Hong Kong even before yesterday’s FSA news. To deal with all the uncertainty, Changpeng revealed last week that Binance will be looking for a new corporate home, with many speculating that it might be the UK or the Cayman Islands. Yet, lo and behold: It’s Malta!

Binance moving to Malta was welcomed publicly by the country’s PM via Twitter, with Changpeng Zhao thanking him and adding that Malta’s views when it comes to crypto and fintech are quite progressive and that this small country is doing its best to provide good conditions for all crypto businesses.

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Author: Max Rothstein

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