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Binance Is Not Authorized To Operate In Malta, Says The Country’s Financial Watchdogs

A few days back, Malta’s financial regulator stated that Binance – the biggest cryptocurrency exchange in the world – is not authorized to operate in the cryptocurrency sector.

Pointing to the reports in the media that referred to Binance as a “Malta-based cryptocurrency company” the regulators stated –

“Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”

Binance presence in Malta

Binance previously attempted to establish a presence in Japan but announced to open an office in Malta in March 2018 after it clashed with regulators in Japan. Maltese Government welcomed the exchange with the view to aid it in becoming the global trailblazers in the regulation of blockchain sector.

On the other hand, Binance severed Malta by starting working with the Malta Stock Exchange (MXS) to begin offer security token trading in September 2018. It further announced that it was providing funding for a new crypto-friendly Maltese bank.

Does Binance have an office in Malta?

It is not clear if Binance still has an office in Malta. The exchange doesn’t appear to have officially stated the location of its headquarters. About the location of Binance headquarters, Josh Goodbody, Binance’s Director for growth and institutional business mentioned that-

“As we run such a decentralized operation, there isn’t a clear answer for that – where we operate regulated businesses. We have teams based there.”

In a tweet dated Nov. 20, Binance CEO Changpeng “CZ” Zhao said that office and headquarters are outdated concepts and “time is moving on.”

Binance CEO Changpeng “CZ” Zhao also commented on Twitter that “there is a mix of truth, FUD & misconception. Binance is not headquartered or operated in Malta. This is old news & has always been the case, hence there is quite a bit of FUD turning this into a breaking story. The community’s comments show that understanding.”

As for now, everything remains a riddle that is yet to be solved.