Yesterday we reported on the case where Nikkei.com stated that the JFSA will issue a warning versus Binance. It was a strange scenario as Nikkei.com reported before any official stance was allowed to surface from the JFSA. Binance updated us that they were indeed in discussion with the authorities and that they never received any type of warning previously. Later we got word from the exchange CEO that they got a ‘simple letter’, but the original article was obviously spreading misinformation at this point.

Binance is an exchange that doesn’t take a step back when any issues surface, but rather tackles every problem in a straight manner. Japan (and the FSA) is currently known to strictly regulate crypto exchanges and businesses, thus there might a case where Binance couldn’t move forward as they planned previously.

Now the world’s biggest crypto exchange, by trade volumes, just announced that they are about to open an office in Malta and thus break into the European market as stated by founder and CEO Zhao Changpeng in an interview made in Hong Kong. Even better news is that the platform will transform into a Fiat-to-crypto exchange, and according to Zhao, deals are almost closed with local banks, which would provide access to deposits and withdrawals.

The migration should be the result of the aggressive Chinese, Japanese and US crackdowns that is targeting crypto exchanges and businesses lately. Compliance isn’t a problem for most exchanges, but finding banks and acquiring a license for fiat deposits might be hard during these times.

The decision on the new location was largely the result of the Maltese policy makers that are trying hard to promote the country as a leader in the digital assets field. The government has held public consultations about virtual currencies and their regulation, and they also focused on of crypto exchanges and token sales as well. Malta Independent reported that there are already clear plans for a Malta Digital Innovation Authority that will license and regulate blockchain-based businesses, besides creating a framework to oversee ICOs as well.

This is really good news for coins and tokens that are traded on Binance as these projects might get additional exposure when FIAT deposits and withdrawals are allowed.

Binance received a warm welcome from Joseph Muscat, the Prime Minister of Malta. See for yourself:

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

EDIT –

Binance just published a blog post titled “Binance, The World’s Largest Crypto Exchange, Announces Investment In Malta“.