Digital currency exchange Binance has announced that it will be establishing an office on the island nation of Malta. The company has plans to launch a “fiat-to-crypto exchange” in Malta and is reportedly in the process of completing a banking agreement that will provide it with financial services like deposits and withdrawals.
Binance CEO Zhao Changpeng commented on the decision in a recent interview. According to a report in Bloomberg, Zhao said, “We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.”
The move comes as some nations around the world have increased regulatory scrutiny of companies like Binance. The company has been under pressure in both Japan and China recently, receiving warnings from government authorities in both nations.
Hong Kong authorities had reportedly delivered a warning letter to Binance about trading certain digital assets, while Japan’s Financial Services Agency accused the company of lacking the proper operating license.
Meanwhile, Malta’s government has adopted a more welcoming approach. According to Zhao, that government even offered him an opportunity to review upcoming cryptocurrency legislation. Malta’s prime minister has been publicly supportive of the industry as well.
On Friday, Prime Minister Joseph Muscat delivered his own personal greeting to Zhao’s company in a message on Twitter:
“Welcome to #Malta @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses.”