Binance is not waiting around to spar with Asian regulators. Instead, the world’s largest cryptocurrency exchange is close to moving its operations to Malta.
The country, for its part, seems happy to welcome an industry leader to their island.
Binance will offer a fiat-to-crypto exchange that gives them the opportunity to expand their trading operations significantly. Binance was attempting to work out issues they had with Japan’s Financial Services agency, but were unable to find a solution. Instead, they’ll move their base of operations to a country that is rolling out the red carpet to embrace the cryptocurrency industry.
As the Tweet from Malta’s Prime Minister, Joseph Muscat, indicates, the country wants to lead the way when it comes to regulating cryptocurrency. With Binance they’ll get a chance to handle operations for the highest volume trading operation online. Malta is a country that’s known for its wide-open interpretation of banking laws, so expect a cutting edge implementation for Binance. Fiat-to-crypto is the most crucial round trip there is, and investors need every way they can to get money into and out of the investments in a timely fashion.
The news from Binance and Malta show the world is readying for cryptocurrency being an everyday financial instrument. Some countries will lag in regulations while others lead the way. Expect more forward-thinking leaders to attempt to lure cryptocurrency companies. Antiquated banking laws will have to become more flexible to accommodate the growth sector of digital assets. Malta appears ready to pave the way.
Binance is under fire by regulators in Hong Kong and Japan, who sent them warning letters about continuing their operations. Their CEO, Zhao Changpeng, says that a deal is close.