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Malta Regulator Clarifies Legal Status of Binance
COINS, CRYPTO & BLOCKCHAIN INFLUENCERS, PRESS RELEASE

Malta Regulator Clarifies Legal Status of Binance

In a recent interview, a Malta parliamentarian has sought to clarify the legal status of top cryptocurrency exchange Binance within the island country.

Speaking to Cointelegraph, Malta’s Junior Minister for Financial Services and Digital Economy, Bartolo Clayton, reaffirmed that Binance has never been licensed in the jurisdiction:

“As informed by the Malta Financial Services Authority, which is an autonomous body not a state entity, until the time of writing, Binance has never been in possession of an official license by MFSA. Such statement has been further corroborated by Changpeng Zhao, CEO of Binance, on his personal Twitter account where he also stated that Malta has not changed its position.”

The minister also sought to dispel notions that Malta has retreated from its permissive stance toward business operating with cryptocurrencies:

“This therefore DOES NOT mean that the Government has in some way or another introduced a harsher or more stringent stance towards cryptos, but merely an authority stating facts. On the contrary, the Government of Malta is committed to consolidate blockchain together with other niche sectors. It is the Maltese government’s belief that we believe that more synergies between these emerging sectors should be explored and encouraged in order to reap and exploit their benefits. Moreover, the Government of Malta is opting for an overarching and holistic strategy for the Digital, Financial and Innovative services in Malta. More details about the new strategy will be disclosed in the coming months.”

Clayton’s remarks follow from a public statement published by Malta’s financial watchdog, the Malta Financial Services Authority (MFSA), stated that “Binance is not authorised by the MFSA to operate in the crypto currency sphere and is therefore not subject to regulatory oversight by the MFSA.”

The next day, Binance’s CEO Changpeng Zhao (CZ) took to twitter to address concerns expressed by the cryptocurrency community. CZ described the announcement as “old news,” adding that Binance “has a number of regulated entities around the world, either operated by our partners or by Binance.com directly.”

“Binance.com has always operated in a decentralized manner as we reach out to our users across more than 180 nations worldwide. As well as pushing the envelope in experimenting how to become a true DAO (decentralized autonomous organization).”

Binance is said to be registered in the Cayman Islands.

READ  Changpeng Zhao Hints on Adding 180 Fiat Currencies to Binance Trading Facility
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