Binance which is one of the world’s most famous cryptocurrency exchange has recently opened a bank account in Malta. For more information on how to do trading on Binance, read this detailed Guide.
Malta’s Pro-Blockchain Regulation
Under European Union (EU), Malta is a country which consists of strong financial industry and economy which leads it to the global financial structure. As per the details of some analysts, Malta is not a small country which has allowed multi-billion cryptocurrency basically in order to improve its economy. Malta is a properly established economy which has a legitimate banking partner and it is a part of the international banking system.
Last year, Government of Malta become familiar with the cryptocurrency and also its officials have worked with popular cryptocurrency companies like Binance in order to enhance local cryptocurrency and blockchain sector. To get latest details on Cryptocurrency, visit tokenmantra.
In March 2018, Binance officially launched its headquarters in Malta with the keen purpose of building a partnership with local banks and financial institutions.
In one of the statement, Binance team also stated that the government of Malta has made a strong decision to permit the cryptocurrency industry to turn the big part of country’s economy via a bill which allows local authorities to run blockchain-driven operations. We are on of the a popular website, which covers latest topics on Business, Finance, Economy, Markets.
Binance opened Bank Account in Malta
In this week, Cointelegraph states that Binance has finally opened a bank account in a local bank at Malta. Hence, now users will be able to trade on fiat-currency pairs such as US dollar, Euro, and British pound.
Various cryptocurrency exchanges have faced issues for obtaining banking partners in the last few years. Bitfinex which is well-known cryptocurrency exchange platform has faced disputes with Taiwanese banks in the past.
With the establishment of bank account for Binance for fiat-crypto trading, it will influence various other crypto-exchanges to open a bank account in Malta.
South Korea is a region which supports cryptocurrency businesses and operations in most of the banks. Popular platforms such as Bithumb and Korbit has also faced issues due to unstable banking service.
Due to stability in Financial and Banking sector, various banks in Malta will attract cryptocurrency businesses in the near future, most probably cryptocurrency exchanges which are looking to establish fiat-trading pairs.