Cryptocurrency Exchange Binance Moves To Malta

The cryptocurrency exchange Binance moves to Malta. What led to the company's move to the Mediterranean? Find out what Binance CEO, Changpeng Zhao has to say about the move. Also, is the recent warning of the Japanese FSA true or false? 

26 March, AtoZForex – The financial regulators around the globe have been taking action against cryptocurrency exchanges since 2017. This has made it difficult for exchanges like Binance to find a permanent location for operations. Binance was founded last year in Hong Kong and in a recent interview, their CEO, Changpeng Zhao revealed the firm's plans to open an office in Malta.

In the interview, Zhao also commented on the recent media coverage of the news outlet Nikkei, which published an article on March 22nd, saying that the Japanese Financial Services Agency issued a warning against Binance. The article on Nikkei said that Binance has been operating in Japan without a license. Is this news true or false?

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Twitter confirms: Cryptocurrency Exchange Binance Moves To Malta

According to Bloomberg, the CEO of Binance has said in an interview that the cryptocurrency exchange is planning to open a Maltese office, without indicating a timeframe. However, it was reported that Binance will soon launch a fiat-to-crypto exchange in Malta, whilst they are trying to secure a deal with local banks at the moment. Responding to this news, the Prime Minister of Malta, Joseph Muscat sent a tweet to Binance and welcomed the crypto exchange to Malta.

In the chain of events, the CEO of Binance retweeted the following:

Japanese regulator FSA's warning against Binance, true or false?

The media outlet Nikkei, reported on Friday that the Japanese regulator FSA will issue a warning against Binance, for operating within Japan without any license. This news came out prior to the official warning of the FSA on Binance was published, which created confusion in the market. Having no official confirmation of the regulator, the CEO of Binance sent out a tweet on his account @CZ, that this is "irresponsible journalism";

However, a day later, the Japanese regulator FSA has publicly confirmed the warning against Binance. The FSA revealed that Binance is not licensed with the local regulator. Meanwhile, the crypto exchange has been expanding its operations to Japan, according to the news outlet Nikkei. In response to the official letter of the FSA, the CEO of Binance sent out the following tweet;

Since 2017, Japan became the first country in the world to set up a regulatory framework for cryptocurrency exchanges and it required these exchanges to get licensed before they can operate in Japan. Hence, Binance is required to come licensed first with the local regulator in Japan, before it can on-board clients.

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