Digital currency trading exchange Binance intends to relocate to Europe in a play to leave behind harsh regulatory crackdowns and uncertainty in Asia. With the move, Binance will relocate its primary operations from Japan to the island nation of Malta.
The majority of the community has since reacted favorably to the announcement, as digital currency advocates have long expressed dissatisfaction for strict regulatory practices. Further, Binance’s Malta relocation may allow the company to engage with fiat trading, as Binance currently only supports crypto-to-crypto trading.
MALTA INVITES BINANCE, HOPES TO BECOME DIGITAL CURRENCY ‘TRAILBLAZERS’
As Bloomberg reported, the news follows a warning from Japan’s Financial Services Agency (FSA) which stated that Binance was operating without approval. In recent months, Japan issued a series of warnings to digital currency exchanges operating in the country.