Binance has opened a bank account in Malta, the CEO and founder Changpeng Zhao, otherwise known in the crypto community as CZ, told Cointelegraph in an exclusive interview.
This brings the company another step closer to its vision of providing “fiat-to-crypto deposits and withdrawals” in its system. With this component, they believe the exchange’s liquidity will be strengthened expediting more fiat purchases by new players.
The new bank account is “very significant” in the sense that the company is transferring its business to the island nation which has been entrenching itself as a sanctuary with regulatory policies favorable to blockchain companies.
Binance is hoping to start the fiat-crypto trading operations in the country before the year ends. CZ also indicated to Cointelegraph their plans to expand to Uganda and Asia.
Malta is dubbed the ‘Blockchain Island’. Cz noticed “a few dozen” blockchain firms have already populated the island saying the country is “one of the best places” for a blockchain company to run its business.
On the story that Binance has allegedly purchased a private island and turning it into a blockchain nation-state.
The CEO laughed:
“Conceptually it’s definitely possible, but it’s not… [an] easy feat, establishing a company is already hard enough.”