Binance, the world’s largest cryptocurrency exchange by traded value, is setting up operations in Malta.
According to the official statement, after reviewing several different locations, the company decided to invest in the European nation due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.
The company is planning to grow its operations and eventually hire up to 200 people.
Binance CEO & Founder, Zhao Changpeng said that they are committed to lending expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.
“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe.”
Malta’s Prime Minister Joseph Muscat, tweeted on Friday that the country aims to be the global trailblazer in the regulation of blockchain-based businesses.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, Hon. Silvio. Schembri announced that Binance’s presence in Malta sustains the vision of making Malta “The Blockchain Island”.
Bloomberg reported that last September Binance moved its operations to Japan in response to China’s ban on crypto activities. “The company had an office in Japan and was trying to get a license to operate there, but decided to remove its staff to avoid a clash with local regulators. Japan’s Financial Services Agency issued a warning to the exchange on Friday for operating without approval.”
Let us remind that in February The Malta Independent informed that the government had launched a policy document that seeks to set up the Malta Digital Innovation Authority. It aims to provide legal certainty for blockchain-based companies. Malta is also in the process of formalizing a ‘Virtual Currency Act’ that will pave the way for a first-of-its-kind auditing framework made specifically to regulate blockchain-driven investment operations such as token sales.
Binance, founded last year in Hong Kong, is also planning to launch a decentralized exchange in the coming months. According to Binance CEO Zhao Changpeng, about 10 teams are working on its development.