Cryptocurrency exchange Binance has finally opened a bank account in Malta according to industry sources. This is an important step for Binance who have been wanting to open a fiat-to-crypto exchange for some time. This interesting development had the Maltese crypto and blockchain community buzzing since it may mean that Binance will start operations in earnest very soon.
The news was revealed in an exclusive interview with Binance founder Changpeng Zhao by Cointelegraph.com. Sources told CoinTelegraph that banks were showing some reluctance to get involved in the ICO and crypto spaces due to volatility and risk issues.
Although Binance had announced the move to Malta some months ago citing regulatory issues in Japan, the opening of a bank account to conduct business remained a major stumbling block
Zhao said that the recent publishing of legal bills on the crypto and blockchain industries would continue to put Malta at the forefront of the crypto space. He noted that Binance would be commencing operations very shortly but gave no details on the type of account opened or the bank in question.
Binance has long made known its desire to open a fiat-to-crypto exchange and had announced that it would be setting up offices in Malta.
The company, through its research wing Binance Labs, has also just announced a $1 billion fund dedicated to ICO cryptocurrency startups.
Malta has been on the radar of several crypto- and blockchain-based companies over the past few months. Other large exchanges such as Okex and DQR have also announced plans to open in Malta. Three bills on the regulation of crypto assets and blockchain were published last week, and this has provided clarity as a way forward for the crypto world in general.
Changpeng Zhao is seen as a controversial figure by some due to some outlandish statements that he also touches upon in the Coinbase interview. He dismissed the rumors that Binance had bought an island to turn it into a crypto-community but was very positive about the steps Malta was taking in the blockchain and crypto spheres.