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Cryptocurrency News

Binance “not authorised” by the Maltese financial watchdog

One year ago, Malta Today wrote an article titled: “Why world leader crypto exchange Binance moved to Malta”. According to their release, after the Chinese banBinance made the strategic move to set up its headquarters in Malta. This happened soon after the Maltese government passed laws that provided a regulatory framework for businesses operating in the Cryptocurrency and Blockchain industry”.

Binance was often cited as the “Malta-based cryptocurrency exchange”, as many were led to believe that their operations are regulated in that particular jurisdiction. To many people’s surprise, the Malta Financial Services Authority (MFSA) released a public statement today announcing that “Binance is not authorised by the MFSA to operate in the crypto currency sphere”.

In addition to the surprising statement, the MFSA added that they’d be assessing whether Binance has “any activities in Malta which may not fall within the realm of regulatory oversight”; as many services require an MFSA license including “Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta”.

The timing is peculiar as this common belief has been there for over an entire year. This may be an indication that new regulations will soon be in place by the European Union and their enforcement will be taken seriously, as Malta just did.

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