Binance, the largest by trading volume, opened a bank account in Malta. This in an interview with Cointelegraph said the founder and CEO of Binance Changpeng Zhao.
This brings the exchange closer to its plan for launching fiat deposits on its crypto platform with the possibility of withdrawing funds. It is also expected that the availability of a bank account in Malta will increase the liquidity of the exchange and facilitate entry to new investors.
Changpeng Zhao called the opening of a new bank account a “very significant” step since the exchange first reported plans to move its headquarters to Malta.
According to the head of Binance, he hopes that mixed fiat-crypto-exchange trades will be launched on Binance “within a year.” The plans of the exchange include the offer of this service in Uganda and potentially in Asia. The company is also negotiating with the Malta Stock Exchange about possible cooperation in the future.
Changpeng Zhao also noted that Malta is one of the best places for the blockchain company companies, which thanks to its favorable tax and regulatory climate acquires the reputation of a reliable refuge for cryptocurrency projects. In March alone several dozen blockchain companies moved into this jurisdiction. He highly appreciated the “very hospitable and reasonable” position of local regulators in relation to the cryptocurrency industry.
Speaking of fictional “crypto paradisal island”, the founder of Binance denied the “strange and fantastic” rumors that the exchange bought a private island, which it intends to turn into a microstate with extensive use of blockchain.
“Conceptually it’s definitely possible, but it’s not… an easy feat, establishing a company is already hard enough,” the CEO responded.
He also noted that Binance is working to create a decentralized exchange, calling this project “high priority.”