Bloomberg reports that Binance will set up an office in Malta, in move confirmed by CEO Zhao Changpeng March 23, and will finalize the requisite banking relationships “soon,”
The exchange has continued its meteoric rise which saw it become the number one exchange in the world by volume in January. Earlier this week, news of negotiations between the exchange and Japanese regulators moved the price of Bitcoin after local press sources misinterpreted the “dialog” as a potential reprimand.
Maltese government leader Joseph Muscat was open about his positive views on cryptocurrencies and on Binance itself.
“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,”
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
Zhao replied that he was “honored” to receive the vote of confidence. Speaking to Bloomberg, Zhao continued that Malta represented the ideal technological and regulatory environment to support Binance going forward.
“We are very confident we can announce a banking partnership there soon,”
Malta is very progressive when it comes to crypto and fintech. Zhao added Maltese lawmakers had sought him out with a view to informing Malta’s regulatory future. According to Bloomberg, he “had recently been invited by the Maltese government to review an upcoming bill that was favorable to crypto businesses.”
A knock-on effect of the relocation is the European Union gaining its best-known cryptocurrency business to date, these previously being largely confined to Asia and the US.
Eastern European countries continue to host other popular exchanges including Bitstamp, while Japanese operator BitFlyer announced its move into the market in January.