Binance-run Charity in Malta may face legal trouble

Binance-run Blockchain Charity Foundation is under threat of regulatory action in Malta as the commissioner for voluntary organizations Malta has warned the exchange over consecutive failures to file accounts for the past three years.
The office of the commissioner claimed in a letter dated 23rd July that the world’s largest crypto exchange is guilty of “ignoring” yearly reminders to file its accounts for 2018, 2019, and 2020.
Binance’s regulatory trouble in Malta began after the Malta Community Chest Fund approached the court for justice in the case of unfulfilled cryptocurrency donation pledges. The community fund revealed that the value of pending donations by Binance run charity foundation has increased from a couple of hundred thousand euros to €7 million in the past three years
Binance’s Unauthorized status in Malta
The authorities also announced that they will be reporting Binance’s illegal stay to the police. However, Binance’s Blockchain Charity Foundation explained that they were reviewing their financial statements that would be sent to the commissioner for voluntary organizations by August 2019.
According to Malta’s watchdog, the Malta Financial Services Authority (MFSA), Binance has been unsuccessful at acquiring a license to provide its services in Malta to date.
“This letter is being sent to you at your address as, despite many attempts to trace the organization on the given address and contact numbers supplied in the file, no response was forthcoming and all communication ignored,” the MFSA wrote to the foundation’s administrators.
Political War of Words
The situation with Binance has led to a war of words between the ruling and opposition party in Malta. The nationalist and opposition leader, Bernard Grech criticized the government for the failure to make Malta a blockchain hub and accused them of being corrupt.
“Blockchain island could have been a reality but, because of its incompetence and corruption, this government turned it into a disaster…But not before using cancer patients to make it look like there was something in it for the Maltese citizen.”, said the opposition leader, Bernard Grech.
The ruling government reverted, discarding its involvement in any corruption. Furthermore, it pointed out that the opposition’s comments were “irresponsible”.
- FOMC Minutes, Jerome Powell Speech: Will Bitcoin Recover or Retrace Further?
- “Meme Coin SZN Is Here,” Says CZ As GIGGLE, 4 Price Skyrocket to All time Highs
- CZ’s YZi Labs Commits $1 Billion Builder Fund As Binance Coin Surpasses XRP
- Expert Sees LTC Crashing to $50 Even As Litecoin ETF Approval Reaches Final Stage
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?