The most popular cryptocurrency exchange Binance announced recently that it will move its headquarters from Hong Kong to Malta. The exchange is looking to offer fiat-to-crypto deposits and withdrawals, which will open a new window for fiat investors. There are currently very few existing exchanges that offer alternatives such as this, which is beneficial for traders since they will be able to have another “safe haven” alternative besides Tether. Binance will solidify its place among the top cryptocurrency exchanges with this move, and the implementation of the aforementioned features to its platform.

Geographic Implications

As evident with China, Asian governments are attempting to place a stronghold on the cryptocurrency market, by introducing legislation to control certain aspects of the industry. This does not necessarily mean that these countries are anti-crypto, but this could become a bit of a nightmare tooperate out of areas such as China, Japan, and Hong Kong. The small Mediterranean island country of Malta is well aware of this paradigm shift, and they are attempting to take full advantage. Most people are aware of Malta’s reputation as an online gaming hub, and now they are pushing to become the go-to “blockchain island” for company operation. Malta is a country with a progressive mentality and ideology, and this is evident in their legislation as well. These reasons are what make Malta a lucrative option for operation, and Binance is a prime example.

The After-Effect

In the wake of this drastic move from Binance, a logical prediction for actions that will follow would be somewhat similar to a snowball effect; several companies should follow suit. There is a huge difference between Binance making this move, and a lesser-known exchange making this move. Binance is the most popular trading exchange on the planet, so those that see this news will instantly give Malta some element of credibility in the blockchain space. Think about what would happen if Lionel Messi made a public statement saying that Porsche was the best automobile company in the world. Imagine the increase in sales and revenue. Thus, this move was exactly what Malta needed to put their country on the map in terms of blockchain related services. We should see a nice improvement in the reputation and the amount of blockchain companies operating in Malta in the near future.

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