World's Largest Cryptocurrency Exchange Confirms It Is Moving To Malta

World's Largest Cryptocurrency Exchange Confirms It Is Moving To Malta

Major cryptocurrency exchange Binance has announced that it will be opening an office in Malta in the wake of yesterday's news that Japanese regulators had issued a warning to the exchange, Bloomberg reports today, March 23. However, no time frame for Malta launch was provided.

While the banking partnership announcement hasn't been made, and there's been no word if Binance intends to continue its operations in Hong Kong where it's now based - but has been experiencing pressure from key regulators in the territory - Binance's intentions in Malta have been widely publicized and the plan appears to be moving full steam ahead.

Around $6.2 million-worth of cryptocurrency was hacked from exchange accounts and wallet services in Japan past year, new data reveals. In January, Binance was rebuked by Japan's financial authorities amid a massive hack attack at the country's largest crypto exchange, Coincheck, and a slew of Bitcoin-related fraud uncovered by regulators.

"I'm sure Binance is going to help to build a strong ecosystem in Malta and also help entrepreneurs, funds and fintech to develop their initiatives."

Japan, one of the most active digital currency markets, introduced a licensing system for cryptocurrency exchanges previous year. Japan would add an additional big name to Japan's fledgling regulated crypto exchange arena.

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Changpeng Zhao, CEO and Founder Binance said they were "impressed by the logical, clear and futuristic thinking after meeting with the Parliamentary Secretary". Zhao later confirmed the development through Twitter.

"Welcome to #Malta @binance", Joseph Muscat, the country's prime minister, tweeted on Friday.

Zhao thanked the government of Malta for its positive approach towards cryptocurrencies. This FUD has certainly affected the crypto market again and gave a rise to further uncertainty in terms of market recovery.

Zhao disclosed that he is still negotiating with authorities in Hong Kong, but has not reached any kind of agreement. According to the law of Hong Kong, digital assets are considered as securities. We'll have more if and when this becomes official. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a center of the blockchain ecosystem in Europe. The organization will also establish the framework to oversee initial coin offerings.

Bianance is the largest cryptocurrency exchange in the world, according to data from CoinMarketCap.

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