Binance Opens Bank Account In Malta, So No Private Island For The Exchange. Just Yet...

in #news6 years ago

In an exclusive interview published on Cointelegraph, Binance CEO Cheng Zhao, informally known as CZ, announced that his company opened a bank account in Malta, confirming previous rumors about a possible relocation on the "blockchain paradise".

As many were expecting, this is not a big surprise, given the regulatory pressure exchanges are facing these days in Asia, but what's interesting is that this news dismisses another rumor, one in which Binance allegedly bought a private island, establishing some sort of blockchain-based governance. CZ laughed at the idea, replying that "setting up a company is hard enough".

But, as laughable as it is, the idea of moving human societies on privately owned islands is actually pursued by some players, as I already wrote about here. No link whatsoever between Blue Frontier and Binance, though, at least for the time being.

So, the bottom line is that Binance will move to Malta, "within the year", as CZ mentioned in the cited interview.


I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.


Dragos Roua


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A few decades ago, small countries decided to set up great fiscal conditions for big corporations to move their profits there, creating tax paradises. Now they are setting blockchain tax free conditions for the same purpose, to get investment there. Nice to see how blockchain related monetary rules are changing the global economy.

Wow great news for Malta people, i hope malta people will get benefited from it.

But what if they decide to buy an island and set up there, will they be independent of the regulations of the host country?

It depends on the conditions of buying.

Strange news, as far as i know the Malta banks consider you a criminal if you want to open an account there...

Come again?

I am +50 man, i need a week to come again :-)

Finance creating an account in Malta is a welcome development this measure is neccessary in other to avoid government interference and crackdown on their business

Hey, @dragosroua Really great work my dear friend and I am glad to seen your daily post .many many thanks for sharing with us your inpotent post.

so as by now they can't exchange their money with island?

This step from Cheng Zhao is a good step, it will provide help to the people to exchange their currency.

Then Malta will be a blockchain paradise!!

Now malta seems like a perfect place to move onto hahah crypto lovers will love it