Binance, the world’s largest cryptocurrency exchange is working on a USD to crypto trading pair.
“We are very confident we can announce a banking partnership there soon,” Zhao said. “Malta is very progressive when it comes to crypto and fin-tech.”
Chief Executive Officer of Binance says they are close to securing a deal with local banks. That would allow Binance to have deposits and withdrawals in fiat currencies.
Binance’s operations have moved to Malta, a friendly island nation in the European Union. Binance’s headquarters are in Hong Kong, but they have always wanted to move out. China has unpredictable cryptocurrency regulations, so Binance wanted to find a new permanent base. They applied to move to Japan, but after the Japanese Financial Services Agency issued a warning to the exchange, they decided to move to Malta
Opening an office on Malta gives Binance several advantages. One of which is that they can start to set up a fiat-to-crypto trading pair, allowing people to purchase crypto directly with USD or the Euro. Before, people had to purchase Bitcoin from other exchanges and then move it into Binance to purchase altcoins.