Binance CEO Responds To Claim That Exchange Is Not Authorized In Malta

Binance

Binance CEO Responds To Claim That Exchange Is Not Authorized In Malta

It has been revealed that Binance is not authorized to operate in Malta. This was confirmed by the Malta Financial Services Authority (MFSA). According to the watchdog, Binance does not fall into its regulatory oversight. Binance has responded stating that its office there is for customer service and not a headquarters in the normal sense but a “spiritual headquarters.”

Binance Offices In Malta

Binance has over the last couple of years expanded its global footing. In 2018, the exchange announced it was opening offices in Malta. This was set to be one of its biggest offices. For most, this was to be their new headquarter following regulation pressure from the initial headquarters in Hong Kong. Zhao noted that:

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

Zhao was indeed right and the country did embrace Binance. The Prime Minister, Joseph Muscat, was first to welcome the exchange;

“Welcome to #Malta @binance,”

The Malta Financial Services Authority (MFSA) now says that it is looking into Binance and whether they are involved in any activity that is not regulated.

“Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta requires an MFSA license in terms of the Virtual Financial Assets Act (CAP 590) of 2018.”

Zhao’s Response

Zhao who has been responding to the developments has denied whether Malta is the official headquarters. Last year he noted that this is an outdated concept. This comes after moving from Beijing, Hong Kong, and Japan. However, this is not a view that many traders will appreciate.

More recently the exchange confirmed that it had applied for an operational license in Singapore. The recent events have made it clear that Binance might not have a headquarter of which it is regulated.

Hopefully, the Zhao and his team can update their users about the same and ensure there is no FUD now or in the future. This has been addressed by Zhao in the last few minutes.

 

Summary
Binance Not Authorised In Malta Says Financial Watchdog
Article Name
Binance Not Authorised In Malta Says Financial Watchdog
Description
The Malta Financial Services Authority (MFSA) has stated that Binance does not fall into its regulatory framework. This has been an indication that Malta is not the exchange's headquarters. This has further been confirmed by the exchange.
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: John Kiguru
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru
Post your comment...
John Kiguru 67 Articles
John is an outstanding writer with a great love for cryptocurrency and its underlining technology. Kiguru is an astute believer in cryptocurrency and blockchain technology and looks up to exploring digital innovation. Follow him on Twitter @Shawn254Guru
Follow John @