Top Crypto Exchange Binance Sets Up Bank Account in Malta

CEO and founder of Binance, Changpeng Zhao revealed that the company has set up a bank account in Malta in a recent interview. The source suggests that the recent step by the company brings the leading exchange one step closer to making it possible to offer fiat-to-crypto deposits and withdrawals on the platform. This will accordingly improve the exchange’s liquidity in the market as well as will facilitate new investors who wish to enter the field via making fiat purchases.

Binance, which is currently the largest crypto exchange in the world, reportedly has $1.47 bln trade volume, according to the data passed by Coinmarketcap.

According to Zhao, the new bank account is an important development for that company since the first time the exchange revealed that it was relocating its headquarters to Malta. It was also reported that the CEO expressed his high hopes for fiat-crypto trading on Binance to be launched in Malta within this year. Future plans to offer the service in Uganda and potentially Asia were also revealed.

Zhao confirmed that Binance’s progress in Malta is currently very successful and that the company is also in contact with the country’s traditional equities stock exchange as they discuss a possible future collaboration.

Binance is reportedly now working on developing a decentralized exchange. This is considered to be the key priority project of the company as of now. Earlier Binance revealed about the plans of creating a major cryptocurrency-based fund which would be worth $1 bln. The fund will be aimed at supporting blockchain and crypto startups and will be also involving a total of twenty partners which will contribute to the initiative as well. Each of the future partners is required to have at least $100 mln under their asset management to be qualified in being involved in the project.

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