In an exclusive interview published on Cointelegraph, Binance CEO Cheng Zhao, informally known as CZ, announced that his company opened a bank account in Malta, confirming previous rumors about a possible relocation on the "blockchain paradise".
As many were expecting, this is not a big surprise, given the regulatory pressure exchanges are facing these days in Asia, but what's interesting is that this news dismisses another rumor, one in which Binance allegedly bought a private island, establishing some sort of blockchain-based governance. CZ laughed at the idea, replying that "setting up a company is hard enough".
But, as laughable as it is, the idea of moving human societies on privately owned islands is actually pursued by some players, as I already wrote about here. No link whatsoever between Blue Frontier and Binance, though, at least for the time being.
So, the bottom line is that Binance will move to Malta, "within the year", as CZ mentioned in the cited interview.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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A few decades ago, small countries decided to set up great fiscal conditions for big corporations to move their profits there, creating tax paradises. Now they are setting blockchain tax free conditions for the same purpose, to get investment there. Nice to see how blockchain related monetary rules are changing the global economy.
Wow great news for Malta people, i hope malta people will get benefited from it.
But what if they decide to buy an island and set up there, will they be independent of the regulations of the host country?
It depends on the conditions of buying.
Strange news, as far as i know the Malta banks consider you a criminal if you want to open an account there...
Come again?
I am +50 man, i need a week to come again :-)
Finance creating an account in Malta is a welcome development this measure is neccessary in other to avoid government interference and crackdown on their business
Hey, @dragosroua Really great work my dear friend and I am glad to seen your daily post .many many thanks for sharing with us your inpotent post.
so as by now they can't exchange their money with island?
This step from Cheng Zhao is a good step, it will provide help to the people to exchange their currency.
This will help drive more people into this market. With making it easier to start investing. People don’t like that you buy from one exchange and send money to another exchange. When I can explain crypto buying to someone that is 40+ right now. They don’t understand way there so many exchanges.
Then Malta will be a blockchain paradise!!
Malta's an interesting choice @dragosroua. It would have made sense in the past but I'm not sure why they would go there now that Malta is part of the European Community.
haven't seen the interview but is the moving lock, stock and barrel to malta or is just registering the business there, have a bank account and get the set-up ready to provide services from there to avoid regulation. Anyway, it might be better of tax purposes and also a way to avoid european regulations because banks in malta will face ECB regulations but then maltese govt will not create roadblocks for crypto exchanges.
Nice to know something like this.Hope it will be beneficial for all.Hope for the best.Let's see what is going on.
Now malta seems like a perfect place to move onto hahah crypto lovers will love it