Binance to Open Office in Malta

Move to sunny island comes after crackdowns in Japan, China
23 March 2018   863

The Binance Exchange plans to open an office in Malta. This is reported by Bloomberg.

In the near future, Binance will begin to service trades under the "fiat-cryptocurrency" scheme. The exchange is already close to concluding an agreement with Maltese banks, which will allow it to handle the input / output of fiat, Zhao said, without specifying a specific time frame.

The restrictions imposed by the authorities of China and the United States forced Binance to seek new jurisdiction to host its business. The exchange tried to get a license from a Japanese regulator and even opened its office in the country, but then they was forced to close it to avoid problems with local authorities, Zhao said. Financial Services Agency of Japan issued a warning to Binance this Friday for the trade without a license.

Zhao said that he continued to negotiate with the regulators of Hong Kong, but this did not lead to anything. Binance was among the seven crypto-exchange sites that received a warning from the Securities and Exchange Commission of Hong Kong, which demanded that they not trade digital assets designated as securities.

Malta tries to develop cryptocurrency industry. The government held several public consultations on the regulation of cryptocurrencies, ICO and trading platforms.

Zhao said that he was invited by the Maltese government to participate in the process of preparing the law to regulate the industry of crypto-currency.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   102

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.