Binance-based, Crypto-friendly Bank Project Faces Huge Setbacks in Malta

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Akhilesh Agnihotri
Akhilesh is an engineer and research subordinate working with thecoinrepublic.com as a part of the research team and do research work on Cryptocurrency and Blockchain. His curiosity in research and writing brings him to thecoinrepublic.com, He believes writing is all about expressing the thoughts with words and spread information backed by well-researched work.
  • Malta declared its resolve to control digital financial capital.
  • In 2018, the Founders Bank project disclosure took place for the first time. It had Binance as one of its chief holders.
  • Binance is yet to get hold of the license despite the original expectation to win it in 2019.

Binance made a broadcast in March 2018 about its intentions of setting up an office in Malta. However, allegedly the company took this decision due to its clash with Japanese regulators while trying to initiate their presence there. 

Binance is a platform that provides various trading opportunities in the digital asset sector. Moreover, until 2018 Binance was the biggest trading centre for cryptocurrencies. 

Malta Cleared its View on Cryptocurrencies

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Malta Island declared its resolve to control digital financial capital by reinforcing legislation. In order to do so, the European country invited multiple fintech companies to set up their business on the islands. The business was asked to set up and operate during the transistor phase and register itself later. 

The government showed support for the cryptocurrency industry. Further, this has caused some of the biggest blockchain-based industries to locate their start-up there. 

Current status of Founders Bank 

The Founders Bank project was first disclosed back in 2018 and had Binance as one of its chief holders. However, Binance is yet to get hold of the license despite the original expectation to win it in 2019. The funding target was also compromised because of the vague timeline. 

In March Malta Financial Services Authority (MFSA) announced a statement turning down Binance. It also refuted the Binance being a Malta-based company. 

It has been six months since the deadline for licensing passed. None of the 26 companies has received their license yet. 57 out of the 83 firms had reported back to Malta’s call back in 2018. 

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