Binance, the world’s largest cryptocurrency exchanges by traded value, is seeking a fresh start in Malta, Bloomberg reports.
The company was founded in Hong Kong last year, is planning on opening an office locally in Malta, founder Zhao Changpeng said according to Bloomberg.
“Binance will soon start a ‘fiat-to-crypto exchange’ on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals, he said, without providing a timeframe,” Bloomberg reports.
“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”
Regulators from China to the U.S. have been cracking down on cryptocurrency exchanges and businesses since last year, Bloomberg reports, "leaving many like Binance struggling to find a permanent base."
The Malta angle comes as policy makers look to promote Malta as a leader in the digital assets field, the article reads.