Binance’s operations has moved to Malta, a friendly island nation in the European Union. Binance’s headquarters are in Hong Kong, but they have always wanted to move out. China has unpredictable cryptocurrency regulations, so Binance wanted to find a new permanent base. They applied to move to Japan, but after the Japanese Financial Services Agency issued a warning to the exchange, they decided to move to Malta.
Opening an office on Malta gives Binance several advantages. One of which is that they can start to set up a fiat-to-crypto trading pair, allowing people to purchase crypto directly with USD or the Euro. Before, people had to purchase Bitcoin from other exchanges and then move it into Binance to purchase altcoins.
Chief Executive Officer of Binance says they are close to securing a deal with local banks. That would allow Binance to have deposits and withdrawals in fiat currencies.
“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fintech.”
Furthermore, the Malta’s Prime Minister is open to Binance, as shown in his tweet.
A fiat-to-crypto trading pair would give huge advantages to the cryptocurrency industry. People have always found it difficult to purchase cryptocurrencies, as there are many complicated steps involved. When Binance adds this option, all these steps are simplified. Now people can directly purchase coins with their fiat from Binance.
Furthermore, fiat-to-crypto would increase liquidity. People can easily purchase and sell their cryptocurrencies now.