The international cyber-money bourse Binance has opened a bank account in Malta. This information has been recently revealed by the company’s top exec as well as the constitutor Changpeng Zhao. Here’s what it means and what it may change.
Binance Getting an Account in The Mediterranean
In a conversation with Cointelegraph’s journalist on June 6, Binance’s founder Zhao unveiled that the trading venue has set up an account in one of the banks in Malta.
Binance is known to be as the immense digital money trading venue in the entire world with $1.47 billion trade value, as per Coinmarketcap.com.
How Will It Change Binance’s Prospects?
As a matter of fact, the new change in Binance’s existence brings it closer to its intentions to offer its clients public currency-to-cyber currencies deposits as well as withdrawals on it. This peculiarity, by the way, is expected to enhance the crypto-venue’s liquidity and assist novel investors in conquering the crypto-ecosystem with the help of public-currency purchases.
The company’s founder named the move considerable since the crypto-bourse first unveiled it was redeploying its headquarters to Malta. This Mediterranean island-country appears to be crypto-friendly, and it keeps establishing itself as an “asylum” for blockchain startups, because of its sound and, most importantly, transparent regulations.
Also, the Binance’s founder told journalists that initially, he hoped that the purchase and selling of cryptos on Binance would set off in Malta in the frames of a year. In a conversation, Zhao even hinted about the company’s intentions to provide its service in Uganda and, perhaps, in some Asian countries.
Despite the fact that regulations in Malta dispose crypto-projects to it, there were some other reasons for Binance to move there. In particular, as Zhao said, Malta deserves the name “Blockchain Island” as, according to its words, it is ideal for companies, which deal with blockchain.
Once again, he emphasized the regulators’ friendliness in Malta towards crypto-startups. Zhao noted that there have already been a few crypto-firms which have move to the island in March for better crypto-business prospects.
Interestingly, before there were circulating some rumors that Binance had purchased islands to work on its blockchain projects, but the company’s founder has recently dismissed them.
Currently, Binance is working on generating a decentralized exchange. Zhao called it a project of a top priority.
By the way, a week ago the exchange announced its intentions to establish a huge crypto-based fund worth $1 billion in order to support startups in the niche.