Binance Cryptocurrency Setting up a Bank Account in Malta – A Radical Change!

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Binance Cryptocurrency Setting up a Bank Account in Malta - A Radical Change!
Binance Cryptocurrency Setting up a Bank Account in Malta - A Radical Change!

In the era of virtual currency, the name of Binance has become one of the popular and recognized brands. Binance is a multi-code cryptocurrency exchange which served as the initial coin offering (ICO) – for its ERC20 BNB token that raised around 15 million dollars in the year 2017.

Binance has brought a major difference in the crypto-markets within a year. Initially, in 2018, Binance declared that the whole market is going to build its roots in the island nation of Malta and today, the exchange has moved even further with a decision of enlisting a bank account in Malta.

Cryptocurrency –  A Millennium Age!

In a recent conversation, the CEO Changpeng Zhao has confirmed the plan where he stated that the idea of setting up a bank account will bring a great justice in the crypto-market and the decision will eventually help Binance to migrate this ‘blockchain island’.

The whole idea of having a bank account in Malta is conceptual. However, it would allow Binance to offer fiat to crypto deposits that had been missing from the services that Binance used to offer. Originally, Binance was inaugurated as a crypto-to-crypto exchange but once this change will prove successful, the company would surely introduce fiat-to-crypto marketing on the ground.

Binance Cryptocurrency Setting up a Bank Account in Malta - A Radical Change!
Binance Cryptocurrency Setting up a Bank Account in Malta – A Radical Change!

It has been observed that Changpeng Zhao has an enthusiastic plan of expanding the market services to Uganda as well as to the entire Asian markets. The CEO further said that he hopes that his idea of fiat-to-crypto trading would be launched soon within this year.

Also read – Samsung jumps into Blockchain bandwagon, launches ‘NexFinance’

Changpeng Zhao has also revealed in the interview that the Binance has been diligently working towards building up a decentralized exchange and at this point of time, this policy has a priority. Cherry on the top added in the conversation, when Zhao dismissed the rumors about buying a private island which is focusing to make it a blockchain country of its own.

He abandoned the rumor by saying that – “Conceptually it’s definitely possible, but it’s not… [an] easy feat, establishing a company is already hard enough.

Malta – A Glorious Nation of Blockchain

Malta is an island nation that has been consistently working to become the world’s largest blockchain hub. Malta is programming the relaxed and crypto-friendly laws along with the serious approach to enhance the blockchain technology and operations.

As a matter of fact, Malta has been a center of attraction that attracted the major brands such as – Binance and the BitBay, a Poland-based cryptocurrency exchange. The Government of Malta is working on cryptocurrency bills which will bring a fantastic boost to the Maltese economy.

Zhao had been invited by the Maltese government to review as well as to give inputs in their cryptocurrency bills. Zhao has also appreciated Malta by saying that – It is the best places for blockchain firms. It has also been reported that a few dozen blockchain firms have moved to Malta and constantly working to bring the change.

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