Crypto Exchange Binance Moves HQ to Europe from Asia

Mar 27, 2018 at 9:30

Binance, the world’s largest cryptocurrency exchange with a $1.7 billion daily trading volume has relocated its headquarters to Malta, a country that is known to have more lenient crypto rules.

Along with its current team, the company has also decided to employ more than 200 full-time employees to fully establish itself in the region.

Malta’s Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri, said that the country remains confident in the work that is being done in the cryptocurrency sector as he mentioned that the country is eyed to be developed into a Blockchain Island.

“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta as a Blockchain Island,” he expressed.

Meanwhile, Binance chief executive officer, Changpeng Zhao, noted that the company’s decision to move was driven by the “logical and forward-thinking nature” of the government of Malta.

“After meeting with Parliamentary Secretary, Mr. Silvio Schembri, we were impressed by the logical, clear and forward-thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a center of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta,” he claimed.

It can be recalled that South Korean authorities have started to discuss the possibility of legalizing domestic initial coin offerings once again as Kakao, the country’s largest internet conglomerate revealed its plans to move its blockchain venture outside South Korea.