Binance to move to Malta
The world’s largest crypto-exchange has designated Malta as its base of operations, a formidable step towards Malta becoming the Mecca of blockchain. Binance, which has led the charge towards normalizing cryptocurrency since the infancy of cryptotrading, finds Malta to be the perfect fit for the ongoing development of crypto . CEO of Binance, Changpeng Zhao (commonly referred to as CZ) has accelerated the move after discouraging disagreements concerning restrictions from Asia’s regulators.
Bloomberg Markets reported discrepancies between Binance and Japan’s Financial Services Agency. This regarded a lack of official authorization for the company to establish itself in Japanese markets. The divergence led to a major fall in Bitcoin prices , causing traders and investors to scramble in the wake of negative press. CZ, who previously cited Japan as “the most progressive country in the world in terms of regulations” , teetered on the edge of uncertainty amidst the divide between Asia’s regulators and crypto-currencies.
After the news broke of the Binance fallout, the company was technically homeless, with no official headquarters to house itself. Presently, CZ and Binance have turned to Malta, securing a foothold in the crypto-friendly Mediterranean waters which has opened the door for other exchanges to make Malta their base of business. CZ is not alone in the utilization of the amiable atmosphere Malta has to offer; together with Justin Sun, founder of TRON, the blockchain giants are transparent about their regard for Malta as a haven for financial tech. Both Sun and CZ have tweeted their encouragement of Prime Minister Joseph Muscat’s determination to welcome blockchain companies .
This praise marks the enduring fervor of Maltese authorities to solidify the nation as the leader in the blooming age of cryptocurrency. Both CZ AND Sun are scheduled to speak at the upcoming Delta Summit in Malta between Oct 3-5.