Being warned by Japan, the world's largest cryptocurrency Exchange "run" to EU

[VCX_Coin]

In a conversation with Bloomberg, Zhao Changpeng - Binance CEO – shared a plan of opening an office in Malta. Mr. Zhao also said that Binance would soon launch a cryptocurrency exchange service and is close to reaching an agreement with Malta banks in providing access to deposits and withdrawals.

"We are very confident we can announce a banking partnership there soon”, Zhao said. “Malta is very progressive when it comes to crypto and fintech.”

Binance was founded in Hong Kong in 2017, and then quickly became the world's leading cryptocurrency trading platform.

However, since last year, the China Regulatory and that of United States have tightened their control on cryptocurrency trading, making it more difficult for Binance to find a permanent office.

Binance once had Japan but eventually decided to leave Japan to avoid conflict with the authorities.

Mr. Zhao also revealed that Binance had talked to the Hong Kong Authorities, but things are still uncertain.

It seems that Malta is a good choice for Binance as it has become a home for cryptocurrency investors. Malta government has organized a number of public consultations about cryptocurrency regulation, issuance and trading platform.

Last month, Malta announced their plan in establishing a Digital Creation Agency, which regulates businesses and their operations in cryptocurrency field, as well as create a legal framework for ICOs.

Mr. Zhao had been invited by the Government of Malta to preview a draft bill supporting digit currency business.

Binance's transaction volume per day is currently around $ 1.7 billion, more than its competitors

Binance is also working on a decentralized cryptocurrency exchange platform in the upcoming month. Top ten groups of Binance are now developing such platform. Still, it would take quite a time until it could replace the existing trading platform of Binance, said by Mr. Zhao.

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[tsaroz]

I would not call it a run to EU as the Malta banking partnership was pre-planned and was before the warning from Japan.
Malta's extension seems primarily for the fiat exchange. And though being in EU, Malta has pro business environment and a less governing government.

[AdSkull89]

I thought EU regulations kinda less definitive but nevertheless more strict compared to Japan

[Road445]

Because Malta policy more friendly, then transferred to Malta binance exchange is completely normal, because binance exchange is not a Japanese companies, Japan is very difficult to release trade licenses to them.

[Yudhisthir]

Binance has redefined the crypto exchange and it needs to evolve and increase it's service faster to keep with the changing demand of the market.
They were quick in finding new markets whenever they faced difficulty and their instincts were right whether it be moving to HK from mainland or to expand in Europe when they realized they had no more room in asia.

[heritage35]

This is good news to foe Malta. This happens in so many aspects of trade and commerce. Every business that will thrive will, will be established in a place that will be favourable for it. Binance did just see Malta as a good place to site a permanent office, but Malta also invited Binance, by putting everything in place - favourable law, good number of investors, good partnership with the government, good infrastructural facilities, that will favour Binance activities. This is not a runaway, but seeing better offer and opportunities. Binance has seen into the future, being one of the foremost cryptocurrency exchange that we have.

[Lancusters]

This is a very good decision. It seems to me that governments have not yet realized that their prohibitions do not affect the cryptocurrency market. They only lose income from the business leaving their countries and looking for other territories with a smarter government. Malta has long attracted businessmen from the EU. Now it can become the capital of cryptocurrencies. I'm disappointed in Japan.

[Lupulei]

Binance is searching a partner to realize his operations. It's losing money this way and some solutions could be possible in Malta or Hong Kong.
Some regulations are getting on my nerves so I support this as long as Binance is fair to their users and pay attention to the security of the accounts.

[slaman29]

Looks like the good old days of people running away to Europe to escape the law are returning, old money may have lost its charm but new digital money is the playground of the rich and naughty. Malta might want to look at who they associate with first before agreeing to work with anyone. But of course, fresh funding flowing into an economy that really doesn't have much is too tempting to turn away. Hope Malta does itself justice by doing things right.

[HunterBTC]

Regulators in Asia Pacific have become increasingly uneasy with the rise of cryptocurrencies such as bitcoin.
The latest to sound a warning was the Bank of Japan Governor Haruhiko Kuroda, who called the surge in bitcoin prices "abnormal" at a media conference on Thursday. His comments echoed warnings made by his counterparts in major economies in the region, including Australia, South Korea and Singapore.
Their worries are not unfounded as Asia accounts for the bulk of trading in bitcoin, the largest cryptocurrency by value.
At the end of November, Japan, South Korea and Vietnam contributed 80 percent of bitcoin trading activity globally, the Wall Street Journal reported, citing data from research firm CryptoCompare.