Cryptocurrency exchange Binance has announced that it has successfully opened a bank account in Malta. The CEO of Binance, Zhao Chengpeng, says that fiat to cryptocurrency trading will be launched within a year on the exchange.
Binance is the top cryptocurrency exchange in the world by volume with USD 1.5 billion of trading in the last day. This edges out the second biggest exchange OKEx by USD 100 million and third biggest exchange Huobi by USD 350 million. Of course, these numbers vary from day to day, but Binance has almost always the top cryptocurrency exchange in the world by volume recently, with 343 different cryptocurrencies traded.
Despite being the biggest cryptocurrency exchange in the world, Binance has had no fiat functionality up to this point. Soon customers will be able to deposit fiat and buy cryptocurrency, and deposit cryptocurrency and withdraw fiat. This will attract many more customers and a lot more money to the exchange, improving liquidity and increasing market activity, cementing Binance’s top spot among cryptocurrency exchanges.
Binance was founded in Hong Kong, China, but was forced to move in September 2017 due to China banning all cryptocurrency trading. Binance chose Japan for its next headquarters but its stay was brief. On 23 March 2018 Japan’s Financial Services Authority issued a warning to Binance that it must cease operations since it didn’t have a license; Binance was trying to get a license before they moved but were unsuccessful.
Immediately after the Japanese warning, Binance decided to move to Malta, which is becoming a popular haven for cryptocurrency activity. The Prime Minister of Malta, Joseph Muscat, welcomed Binance with open arms.
Welcome to #Malta ?? @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Zhao Chengpeng says Malta is one of the best places for blockchain firms and praises the local government’s attitude. He says things are going very well, and Binance may possibly form a partnership with Malta’s Stock Exchange.
Despite the peace of mind that Malta offers, Binance is still trying to become completely decentralized and considers that a top priority. This is not surprising considering that Binance has been chased around the world by angry governments. Becoming completely digital and decentralized is the only way to guarantee its long-term survival.
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