Binance is not authorized to operate in Malta, says Malta Financial Services Authority (MFSA)
The famous cryptocurrency exchange Binance It is not regulated or authorized to operate in Malta, the country's financial regulator said Friday, February 21.
The Malta Financial Services Authority (MFSA) did the ad in a public statement published on its website. In the statement citing media reports that refer to Binance as a cryptocurrency exchange based in Malta, the financial regulator made it clear that this was not the case. Since Binance is not regulated, it is not under the jurisdictions of the MFSA. The statement says:
"Following a report in a section of the media that refers to Binance as a" Malta-based cryptocurrency company, "the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the area of cryptocurrency and, therefore, is not subject to regulatory supervision by the MFSA.
However, the Authority is assessing whether Binance has any activity in Malta that is not within the scope of regulatory supervision. The admission of virtual financial assets to trading and / or to offer virtual financial assets to the public in and from Malta requires an MFSA license in terms of the Virtual Financial Assets Act (CAP 590) of 2018 ”.
Binance ad opening his office in Malta in March 2018. Everyone in the media cited that Binance is a cryptocurrency exchange based in Malta, but in reality, Binance never made the official announcement that it was based in Malta. It is also unclear if Binance still has an office in Malta, according to some encryption media.
Binance CEO Changpeng Zhao, responding to the news, said:
“There is a mixture of truth, FUD and misconceptions. Binance.com does not have its headquarters or operation in Malta. This is old news and it has always been that way, therefore, there is quite a FUD that turns this into a breaking story. Community comments show that understanding ».
He did not talk about Binance headquarters, but said that with the invention of blockchain technology, it is not necessary to maintain headquarters and headquarters.
The said further:
“Binance has a number of regulated entities worldwide, operated by our partners or directly by Binance. We work closely with regulators and comply with the standards in the places where we operate ».