Binance Sets Up Bank Account In Malta

Binance-Sets-Up-Bank-Account-in-malta

Binance announced today that the company would be setting up a bank account in Malta, as reported by going Cointelegraph on Wednesday, June 6.

Binance, who currently has a trading volume of over $1.47 billion according to CoinMarketCap brings the exchange one step closer to allowing fiat to cryptocurrency deposits and withdrawals on its platform.

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The founder of Binance Changpeng Zhao stated that the new bank account is an extremely significant development ever since the exchange announced that they would be relocating their headquarters in Malta.

The country is quickly establishing itself as the ultimate haven for blockchain and cryptocurrency companies. A few dozen blockchain companies have already established themselves on the island since late March alone.

Binance indicated that they plan to launch their headquarters within the year. Zhao stated that the company’s plans are going well as they are in talks with Malta’s traditional stock exchanges about future collaboration.

In related news, Binance announced that they are going to create a $1 billion cryptocurrency based support fund for new cryptocurrency startups and blockchain companies. Each of the 20 partners for the project is required to have at least $100 million in asset management.

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