Binance to Open Office in Malta

Move to sunny island comes after crackdowns in Japan, China
23 March 2018   1930

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 Acquire a Stake in BxB

The startup will act a support center for local users of the global platform
15 January 2020   160

Bitcoin exchange Binance acquired a stake in fintech firm BxB from South Korea for 500 million won ($ 432 000). The startup will provide a support center for local users of the global platform. It is reported by CoinDesk.

Binance also publicly recognized for the first time that it registered a subsidiary in South Korea in October - Binance Co. Ltd. The company will operate a support center in partnership with BxB.

The exchange plans to expand cooperation with BxB in the future, but concrete plans are still being worked out.

The company previously released the first stablecoin backed by the Korean won, KRWb. One of the proposed partnership options could be the pairing of KRWb with the BNB token to facilitate Korean users trading on the Binance platform.

Despite the constant expansion of the list of fiat currencies supported by the exchange, the Korean won is not yet included in it.