Cryptocurrency Exchange Binance Is Not Licensed To Operate, Says Malta’s Financial Watchdog

The chief financial watchdog of Malta has mentioned that Binance is neither regulated in Malta nor it is licensed to operate there.

The Malta Financial Services Authority issued a statement Friday repudiating it has ever regulated the crypto exchange. In the official statement , the Malta Financial Services Authority cited several reports in the crypto media that referred to Binance as a “Malta-based cryptocurrency company.”

The country’s financial regulator declared that Binance “is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”

Subsequent to a discord with Japan’s financial regulators, the exchange declared that it was starting off an office in Malta in the year 2018 where Binance had formerly tried to establish a presence. At the time, Joseph Muscat, the prime minister of the island nation, welcomed the crypto exchange to the country very positively. He tweeted that Malta would support Binance’s objective to become the “global trailblazers in the regulation of blockchain-based businesses.”

What is your opinion about the latest statement and stance of the Malta government towards the world’s largest cryptocurrency exchange by daily trading volume? Do you think governments around the world should take quick and positive steps in drafting and implementing the regulations in the crypto industry?