Cryptocurrency platform Binance will move its operations to Malta as the island continues its efforts to attract blockchain and cryptocurrency companies.
Prime Minister Joseph Muscat welcomed the platform saying the island is working to become “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.”
Binance is the world’s largest cryptocurrency exchange by trading volume and has been looking for a home base in the face of stricter regulations in several Asian jurisdictions. Japan’s Financial Services Agency, for example, recently published an order for Binance to cease its operations in Japan, stating that it was breaking regulations on funds settlement.
According to Bitcoin.com, Binance is seeking to introduce fiat payment facilities and said it settled on Malta “due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.”
“Binance will soon start a “fiat-to-crypto exchange” on the European island nation and is close to securing a deal with local banks that can provide access to deposits and withdrawals,” said CEO Changpeng Zhao.
In another blockchain related story, the decentralized sports betting exchange Bookie built on blockchain technology from Peerplays announced it will launch a play-for-fun public beta test before this summer’s World Cup.
The public beta is the final phase of Bookie’s development, which will offer users the opportunity to win real bitcoin prizes as they take part in a series of betting competitions and leaderboards using play money, the company said in a press release.
