14 Jun 2018 Anthony Lehrman
Malta Becomes the New Home of Binance Exchange
Following the headquarter relocation to Malta in March, one of the world’s largest crypto trading platforms, Binance Exchange, also managed to close a partnership with a Maltese bank. This is something that many exchanges aim for, yet fail to achieve. Furthermore, this allows integration of fiat currency pairs, such as Euro, British Pound and US Dollars, which would lead to an influx of crypto exchanges.
Malta’s stable economy and financial industry contribute to the global financial structure, as a member of the international banking system.
The Maltese government is aiming to make the most of the cryptocurrency revolution, launching a pro-blockchain policy in 2017. The country has been liaising with crypto leaders like Binance to develop the local crypto and blockchain industry.
Binance’s CEO Changpeng Zhao stated that Malta is very progressive when it comes to crypto and fintech, as it provides the industry with a seat at the table when it comes to the country’s economy. The country actively builds a supportive regulatory and technical infrastructure.
Malta Digital Innovation Authority revealed plans for the development of a ‘Virtual Currency Act’, which will create a unique auditing framework for regulation of crypto investments, such as token sales.
The crypto world is setting its eyes on Malta, with the hope that there will be a better crypto environment than South Korea’s.
In South Korea, the majority of leading banks fully supports cryptocurrency operations and businesses. Major platforms such as Bithumb and Korbit experienced unstable banking services at the end of 2017, which led to a decline in trading volumes.
Maltese banks provide stable financial and banking services which could attract cryptocurrency businesses both in the short and the long term, in particular, crypto exchanges platforms which are aiming to expand their fiat trading pairs offering.