• Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
Subscribe
  • Login
  • Register
No Result
View All Result
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics
No Result
View All Result
No Result
View All Result

Malta’s Prime Minister Personally Welcomes Binance’s Move to the Country

23/03/2018 13:24
No comments

Joseph Muscat‏, Malta’s Prime Minister, has personally welcomed the biggest crypto exchange, Binance, publicly stating on twitter:

“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,”

That statement was signed as JM, which means Muscat himself personally wrote it, with Changpeng Zhao, Binance’s CEO, replying:

“Malta is very progressive when it comes to crypto and fintech. We think it is a good place for other crypto businesses to look into as well.”

Binance announced they are setting up operations in Malta and will soon start offering fiat-to-crypto services, with the exchange currently looking to secure a bank account in the country.

“We are very confident we can announce a banking partnership there soon,” Zhao said according to an interview with Bloomberg.

As a member state of the European Union, the small island nation allows for passporting whereby being regulated by one national FCA gives access to the entire EU market, the biggest in the world.

It’s unclear whether Malta’s regulators have granted them a license or whether they are planning to do so, but Zhao was invited by the Maltese government to to review an upcoming bill that was favorable to crypto businesses.

The warm welcome by the Prime Minister further suggests they will be very accommodative, with the green light by one regulator likely being sufficient to allow them to legally perform across the world.

They seemingly sought such green light from Japan’s FSA first, but something appears to have gone wrong, with Japan’s FSA publishing a warning today to cease operations in Japan or comply with AML/KYC requirements.

It is probable Malta’s regulators would likewise require AML/KYC processes, which Binance does not currently seem to have in place, suggesting there might have been more to it where FSA is concerned.

The move, more widely, further shows just how global crypto is, allowing exchanges to shop across the world for the most favorable regulatory jurisdiction, but if Zhao doesn’t carefully navigate those regulatory waters, he might attract attention by other regulators, such as FinCEN.

 

Related Posts

Bitcoin on a TV tower, fan art

Bitcoin Resilient at $23,000

The PBoC printer as of Jan 2023

Did China Print Half a Trillion?

World Holds Breath For Russian Surge

Can Ethereum’s Variable Tokenomics Address Inflation?

Load More
  • Trending
  • Comments
  • Latest
UK starts training Ukrainian troops on Challenger tanks.

World Holds Breath For Russian Surge

Backed Finance tokenizing stocks, Feb 2023

BlackRock ETF Tokenized on Uniswap

A Nationwide bank branch

Nationwide Restricts Payments to Binance

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

The PBoC printer as of Jan 2023

Did China Print Half a Trillion?

UK starts training Ukrainian troops on Challenger tanks.

World Holds Breath For Russian Surge

Crypto art

Can Ethereum’s Variable Tokenomics Address Inflation?

MicroStrategy HQ

MicroStrategy Increased Bitcoin Holdings

Comments

Latest News

  • Bitcoin Resilient at $23,000
  • Did China Print Half a Trillion?
  • World Holds Breath For Russian Surge

About Trustnodes

Terms of Service

Privacy Policy

Our Ethics and Values

Trustnodes Newsletter

(You have to be a paid subscriber)

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

No Result
View All Result
  • Login
  • Sign Up
  • Cart
  • Markets
  • Crypto
  • Web3
  • Culture
  • Opinion
  • Politics

Trustnodes © 2017-2023. All Rights Fully Reserved. For any Enquiries contact@trustnodes.com RSS Feed

Welcome Back!

Login to your account below

Authenticate with MetaMask Loading...

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

*By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?