Binance is moving to Cyprus, and that’s big news for the Honk Konk-based company. Recently Binance pulled staff from its Japanese office due to regulatory changes. The same seems to be happening in China. With China breaking down on crypto-related activities, Binance is seeking shelter elsewhere. Malta may just be the perfect match, as Binance is opening an office on the island, according to Bloomberg.
Malta is a soon be crypto-paradise, whereas countries worldwide are trying to figure out how to regulate cryptocurrencies. They’ve has spoken out to become “.. the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies”. PM Joseph Muscat Tweeted:
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
According to Bloomberg, Binance is planning to open an office in Cyprus to start a “fiat-to-crypto” (cash-to-coins) exchange. A deal with local banks to provide actual access to deposits and withdrawals is on its way, according to Binance.
Binance is not the only exchange to look outside of Asia. Hong Kong based major exchange Bitfinex is also thinking of moving away towards Switzerland, as reported by CNN. With Bitfinex and Binance moving, Honk Kong would lose two major crypto-exchanges in a short period of time due to regulations.