Binance moves to Malta and is preparing to add Fiat support

Binance moves to Malta and is preparing to add Fiat support

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The Binance Exchange, founded last year in Hong Kong, plans to open an office in Malta. This is written by Bloomberg referring to the statement of CEO Changpeng Zhao.

In the near future, Binance will begin to service trades under the scheme “fiat-cryptocurrency”. The exchange is already close to concluding an agreement with Maltese banks, which will allow it to handle the input/output of Fiat, Zhao said, without specifying a specific time frame.

“We are extremely confident that in the near future we will be able to announce the conclusion of a banking agreement,” he said. “Malta is very progressive in the matter of cryptocurrency and fintech.”

The restrictions imposed by the authorities of China and the United States forced Binance to seek new jurisdiction to host its business. The exchange tried to get a license from a Japanese regulator and even opened its office in that country, but later was forced to close it to avoid problems with local authorities, Zhao said. Recall that the Financial Services Agency of Japan this Friday issued a warning  to Binance for the maintenance of trades without a license.

Zhao said that he continued to negotiate with the regulators of Hong Kong, but this did not lead to anything. Binance was among the seven cryptoexchange sites that received a warning from the Securities and Exchange Commission of Hong Kong, which demanded that they not trade digital assets designated as securities.

Malta in front of every way contributes to the development of the cryptocurrency industry. The government held several public consultations on the regulation of virtual currencies, ICO and trading platforms.

Zhao said that he was invited by the Maltese government to participate in the process of preparing the law to regulate the cryptocurrency industry.

According to CEO Binance, currently about 10 teams are working on the development of a new decentralized exchange, the creation of which was announced earlier, but it is not yet capable of demonstrating the performance sufficient to replace the existing centralized engine.

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