The world’s largest cryptocurrency exchange by trade volume, Binance, has announced that it has signed a memorandum of understanding (MOU) with the Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, to launch a new security token exchange platform, the Times of Malta reported on September 11.
The MOU comes hot on the heels of Binance’s decision to expand operation in the country of Malta, due to the nation’s transparent crypto regulatory climate.
A Welcome Development
The new platform will take advantage of the Malta Stock Exchange’s exemplary record as a regulated stock exchange along with its experience in regulatory compliance and client due diligence while using Binance’s dynamic business model and international reach as its foundation.
Binance CEO Changpeng Zhao said in a statement that:
“Malta […] has become a global hub for blockchain technology through active and transparent crypto regulations. This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens.”
Joe Portelli, the chairman of the Malta Stock Exchange, sees the MOU as a “new market opportunity [to] develop and push the boundaries of the Maltese financial sector.”
Binance announced the opening of its Malta operations near the end of March 2018, after the firm received a warning letter from Japanese financial regulators about their unregistered status in the country.
Meanwhile, early in June, Zhao announced that Binance had opened a bank account in Malta, solidifying their bags and paving the way for the introduction of fiat-crypto trading pairs. The firm also hinted at plans to launch a platform hosted in Malta.
Binance is the world’s leading cryptocurrency exchange, with almost $822 Million in trades happening daily. Last July Zhao revealed that he expects the firm to reach $1 Billion in profits in 2018
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