Binance is reportedly opening its bank account in Malta. The world’s biggest crypto exchange platform transferred from Hong Kong to Malta after the Chinese government crackdown on the crypto began.
Binance has shocked the world this year when its reported net profit margins beat the Deutsche bank of Germany. Binance was planning to increase its liquidity capabilities in order to expand its businesses.
With the introduction of this bank account, it seems clear that the company’s ability to increase fiat to crypto deposits and withdrawals will increase exponentially. This mobility is sure to attract more and more traditional investors.
The old school mindset may seem a bit tedious. However, the capital they hold could prove crucial for the further expansion of the Binance’s crypto imperium.
Binance ranks number one at the moment with almost 1.50 billion USD in trade volumes. Zhao Changpeng also known as CZ has revealed this information that the company was going to open a bank account in Malta.
CZ is clearly ambitious when it comes to his future plans. He is confident to begin the crypto to fiat service within a year on Malta. The Maltese authorities have favorable regulatory framework when it comes to crypto and Blockchain related companies.
They have already attracted many due to their positive attitude and friendly policies.
CZ is also planning to expand the Binance fiat to crypto service throughout Africa and Asia. H is working to introduce the Binance foothold in Uganda. The expansion can prove remarkable feat if executed according to plan. A crypto exchange platform with ability to offer transfer of value to fiat currency at demand can prove a major game changer.
The Binance is already in talks with the Maltese stock exchange for future collaboration. This is becoming a pattern as was revealed by Gibraltar stock exchange. GBX was introduced as an arm of the Gibraltar Stock exchange and offered similar services.