Binance is expanding operations to Malta | finder.com

Binance is expanding operations to Malta

Peter Terlato 23 March 2018 NEWS

Binance has plans to eventually hire up to 200 people to assist with its operations in the Mediterranean.

Hong Kong-based cryptocurrency exchange Binance revealed that it will establish operations on the European archipelago of Malta, as well as providing funds for other blockchain startups to grow the local industry.

In a post on the exchange’s blog, Binance chief executive Zhao Changpeng said the company is committed to lending its expertise to “help shape a healthy regulatory framework”.

“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,” Changpeng said.

Binance has plans to grow its operations and eventually hire up to 200 people to assist with the expansion.

Malta, located in the Mediterranean Sea, has already implemented a raft of cryptocurrency legislation.

M for Malta. It's beautiful!

A post shared by Cz (@changpengzhao) on

An E.U. member nation, Malta’s government is pro-blockchain, and is actively building a supportive regulatory and technical infrastructure. Plans for a Malta Digital Innovation Authority were revealed last month, and the country is 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 on Malta’s pro-blockchain initiatives

“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations,” Malta’s parliamentary secretary for financial services, digital economy & innovation Silvio Schembri. “Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island’.”

Binance admonished by Japan’s financial regulator

In a notice dated March 23, Binance received a formal warning from Japan’s FSA, highlighting the fact that it is has not officially registered with the financial supervisory administration.

Earlier this week, Binance chief executive Zhao Changpeng took to Twitter to refute claims that the exchange would be shut down in Japan, explaining that the company was in discussion with the regulatory organization.

However, on Friday, Changpeng said that Binance received a letter from the FSA but vowed to “find a solution”.

Japan’s regulator held a “Blockchain Round-Table” earlier this month, with participation from foreign and local regulatory and supervisory authorities and central banks.

Binance has its headquarters in Hong Kong and was financed through an initial coin offering (ICO) in July 2017 that raised approximately $15 million. Binance is currently ranked as the world’s largest cryptocurrency trading platform, operating a 24-hour volume of approximately $1.8 billion, according to CoinMarketCap’s statistics.

Last week, Binance announced plans to develop a decentralized exchange. Binance Chain is intended to be a public blockchain for trading assets. It will be designed with performance, ease of use and liquidity in mind.

Earlier this month, Binance users voiced concerns online that some of their altcoins had been sold without consent, even though their account security wasn’t compromised. Prior phishing attacks were to blame.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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