- Binance eyeing Malta office as Japan intensifies cryptocurrency regulations.
- Malta is known to be cryptocurrency progressive: Binance could soon be announcing a banking partnership.
The Financial Services Agency in Japan has taken regulation a notch higher. For this reason, Binance cryptocurrency is looking to open operations in regions that will allow it to operate in a friendly space. Malta, in the Mediterranean island, is the next destination the cryptocurrency exchange company is eyeing.
Binance has been in operation for only one year. However, it has disrupted the cryptocurrency trading volume and displaced other platforms to become the largest crypto exchange platform. The Hong Kong-based company hopes the Maltese government will allow it to operate without too much pressure. It will also use this new office in Malta to set up base in Europe according to Bloomberg.
The latest Conflict between Binance and FSA started when the latter issued a warning to the crypto exchange company. FSA says that Binance has been operating in Japan without a licence. At the same time, the regulator says that Binance is trading some coins that have anonymity features that could lead the way to criminal activities. Besides, it reckons that the exchange also permits citizens to open accounts without proper identity verification. The warning issued indicated that Binance is to halt operations in the country if it does not acquire a license.
Binance hopes to achieve digital assets exchange with fiat currencies. The office in Malta might be the breakthrough Binance needs. The CEO of Binance, Zhao Changpeng said:
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
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