Changpeng Zhao, the CEO and founder of Binance, announced that the company has successfully set up a bank account in Malta. This news follows the business’ revelation in March that they would be relocating operations to Malta, following issues faced due to tighter restrictions in their previous base, Japan.
Binance currently ranks as the world’s largest cryptocurrency exchange, with over $1.47 billion USD in trade volume. Zhao commented that the company’s progress in Malta is going “very well”, describing the island as “one of the best places” for blockchain firms.
Zhao described opening the bank account as a “very significant” development, opening the possibility of the integration of fiat currency pairs, such as the US dollar, Euro, and the British pound.
Zhao also revealed that Binance is also in discussions with Malta’s traditional equities stock exchange about a possible future collaboration.
Malta is fast establishing itself as a hub for blockchain and cryptocurrency companies, given its favourable regulatory climate, even going so far as to earn itself the nickname of “Blockchain Island” following several cryptocurrency companies’ decisions to relocate there.
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