Binance is on the move and is apparently set to leave its adopted home of Malta. One of the largest cryptocurrency exchanges, Binance, has been in Malta since 2018, but now it seems the company is moving to France.
Since the exchange was banned in its home of China, the headquarters have been in Malta. The island which was dubbed, ‘the blockchain island’ has long been known for its open regulations towards the industry.
The Malta government released three bills in June 2018, which established a framework for the industry. It gave guidelines for initial coin offerings (ICOs), exchanges and other aspects of the industry.
It was these laws by the Malta government, that prompted Binance’s decision to move to Malta, along with other major exchanges like OkEx. However, the rumored new regulations have made Binance think of moving once again.
The rumor comes from sources close to Binance who have claimed that the exchange does not plan to comply or sign the Malta VFA license. Instead they will look to attempt to sign a French license instead. What this means for the over 30 staff members at Binance in Malta is unclear. It may be that Malta turns into a European customer service hub.
Binance also has exchanges in Liechtenstein and Singapore, along with offices in many other parts of the world. Malta is meant to be Binance’s pathway to Europe, but it appears the group now sees the major European nation of France as the best way.
However, it appears that much of the regulation for France and Malta depends on the European Union (EU). The European commission still needs to pass Malta’s framework, which would also be a similar case for France.
This would ultimately mean that the sources initial rationale would not make much sense. Could Binance be unwilling to sign the license due to other reasons? Perhaps Binance and Malta regulators have been butting heads or a political issue may have arisen.
Binance have often had controversies in the past. Claims of plagiarism and Binance JEX issues have made them less than perfect and this could cause a problem between themselves and Malta.
This is all speculation, but it clearly there are whispers that Binance is on the move and may not be happy in their Malta home.