As reported by Bloomberg, Binance is looking to open an office in Malta.
Binance CEO, Changpeng Zhao, said that they were looking to start a “fiat-to-crypto exchange” in Malta. Reportedly, Binance is close to securing a deal with Malta banks. This will give the crypto exchange access to deposits and withdrawals.
Zhao continued on to say that “We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.” A specific timeline, however, has not been provided.
Why the move?
It’s likely due to the fact that, recently, Japan has been pushing back against Binance. The Japanese Financial Service Agency (FSA) will be issuing a warning to Binance that unless and until it becomes a licensed exchange in the country, it may not operate there.
The plans to move into Malta may have already been underway before the mess with the FSA occurred, but regardless, Binance may no longer need to concern itself with Japanese authorities if all goes according to plan.
Binance is the largest crypto exchange by 24-hour trading volume, according to CoinMarketCap. In the past 24 hours, Binance has traded $2.2 billion