In what is turning out to be a news-heavy week for the exchange, Binance Chief Executive Officer (CEO) Changpeng Zhao has stated that the massive exchange will be going to Malta in the near future. After recent reporting about warning from Japan’s Financial Services Agency (FSA) to Binance, it’s becoming evident that there is a significant amount of pressure on Binance.
In a recent sit down with Bloomberg, Changpeng Zhao seemed to be really optimistic about the possibility of doing business in Malta. Zhao told Bloomberg that:
We are very confident we can announce a banking partnership there soon, Malta is very progressive when it comes to crypto and fintech.
Binance is hopeful for the move to Malta after dealing regulatory hassles both at home in Hong Kong, as well as badgering from the Japanese where they have a significant portion of clients. Zhao said Binance had an office in Japan and was trying to get the appropriate licensing required to operate in the country, but they decided to move after recent difficulties in the country. This isn’t the first time Zhao has interacted with the Maltese government. The CEO had previously been invited to review an upcoming bill designed to be favorable for crypto businesses, and it looks like the bill is working.
The CEO also mentioned that the Binance team will continue their discussions with the authorities in Hong Kong that they’re already engaged in, but that outcome remains uncertain. The move to Malta could potentially lead to an even more increased presence of Binance in the markets. Already the largest exchange by volume and value, Binance is poised to expand even more with a move to the small island. Though Binance was only started last year, the company has seen nearly exponential growth since its inception. A move to Malta will mean that the exchange will be able to finish its “fiat-to-crypto exchange,” which is on the shortlist for the developers, and introduce a deal with local banks to provide instant deposits and withdrawals.
From Hong Kong to Malta, the exchange is staying in the news. Could this potentially be the cryptocurrency equivalent to Bill Gates’ moving to Seattle to begin a tech boom in the area? When large, influential players start heading toward one country where laws are increasingly favorable for those in the cryptocurrency world, we should be on the lookout for who’s heading that way next.