The world's largest cryptocurrency exchange Binance decided to open its new headquarters in Malta.
The world's largest cryptocurrency exchange Binance decided to open its new headquarters in Malta after warnings from Japan, China and Hong Kong.
Binance CEO Changpeng Zhao has confirmed their intention in Malta.
Silvio Schembri, Junior Minister for Financial Services, Digital Economy&Innovation in the Office of the Prime Minister of Malta, commented the Binance intention:
“Binance’s decision is a vote of confidence in what we’re offering as a country and as a Government in this sector, that is legal certainty in this space... Ultimately our vision is to make Malta ‘The Blockchain Island’.”
Malta welcomed Binance, who hopes to partner with Maltese banks in order to enable fiat-to-cryptocurrency deposits and withdrawals within a few months.
The second goal of Binance in Malta is to reduce the risk related to centralization and provide decentralized and reliable solution to customers.
Binance is also beware of competition with such project as Polkadot and Cosmos Network, who implement solutions like Peggy (Ethereum Peg Zone). These projects can create a new type of decentralized exchanges, which allows not only token exchange, but also cross-blockchain transactions.
Ian Gauci, legal expert for the National Blockchain Strategic Task Force within the Office of the Prime Minister, believes that Binance is of great value for Malta:
"I believe this was a crucial aspect in attracting Binance and in all likelihood other outfits on DLT and in the crypto sphere might share Binance’s view and likewise come to Malta."