The CEO and founder of Binance, Changpeng Zhao, recently revealed that the company is moving its bank operations to Malta. As Zhao told Cointelegraph this Wednesday, June 6th, the largest crypto exchange with $1.47 billion in trade volume is now one step closer to its plans to offer fiat-to-crypto deposits and withdrawals in the future.
According to Zhao, the new features will further improve the exchange’s liquidity and facilitate new investors entering the space with fiat purchases.
Also known as CZ, Zhao described this new bank account as “very significant” development mostly because the exchange first revealed that they are moving to the island. Meanwhile, Malta is a country that is known as the cryptocurrency haven – establishing itself as the best location for businesses in this industry and having a robust and transparent crypto regulatory climate.
Zhao considers Malta as one of the best places for blockchain firms, which is why according to him, it well deserves its nickname ‘blockchain island’. He also praised the “very welcoming and reasonable” stance of local regulators towards the crypto sphere, noting that “a few dozen” blockchain companies have already established themselves on the island since last March.
CZ also said that Binance is currently working on developing a decentralized exchange which is presently a big, “high priority” project.
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