Malta has taken a major step forward as a player in the blockchain world by becoming the location of choice for a new office for Hong Kong-based Binance, the largest crypto exchange in the world by value (not volume). In addition, the firm is working closely with several banks in the region, to facilitate deposits and withdrawals. If you trade digital currencies, you may understand just how difficult it can be to create these banking relationships, and in fact, the likes of Bank of America have taken a fairly hostile attitude toward bitcoin, as did our bank, RBC, when I recently tried to facilitate a buy on Coinbase and the purchase was declined by my bank. Anyhoo, Malta joins other small but progressive countries, like Gibraltar, in looking to harness the explose growth of cryptocurrencies. This is no doubt a huge coup for the country.
Binance, the world’s largest cryptocurrency exchange by traded value, is seeking a fresh start in the Mediterranean.
The company, founded last year in Hong Kong, is planning to open an office in Malta, Chief Executive Officer Zhao Changpeng said in an interview. Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing a timeframe.