The powerful Binance keeps on moving forward in the cryptocurrency industry. This time, it sealed the deal with the Malta Stock Exchange to launch a crypto trading platform for security tokens trading.
Based on the volume of trade, the world’s largest cryptocurrency exchange, Binance has reported that it has signed a Memorandum of Understanding (MOU) with MSX PLC which is the fintech and digital asset subsidiary of The Malta Stock Exchange. This partnership aims to launch a new security token exchange platform.
The planned exchange is all set to roll out numerous improvements in the old operating system of the stock exchange. It will be designed on the financial model of Binance, and the applicable rules will be respected.
MSE Chairman Joseph Portelli and Binance CFO Wei Zhou signed the Memorandum of Understanding (MOU) on 11 September.
Well, it’s not surprising to hear the news of the new Digital Exchange in Malta. Prior a month ago, investment platform Neufund and Polish cryptocurrency exchange Bitbay also became the partners with the Malta Stock Exchange for the similar purpose.
During a press conference, Edward Scicluna, Malta’s finance minister applauded the cryptocurrency business and said that the country would not miss the chance to experiment with new innovations.
He emphasized the requirement for straightforwardness and viable measures to battle illegal tax avoidance, and also regarding customer rights. He clarified that Malta believes that new technology requires new regulations.
MSE Chairman Joseph Portelli said,
“Although Blockchain and the cryptocurrencies have their risks but this is not an excuse to let it pass and be accepted by others.” He said, “like it or not, technology is here to stay.”
Changpeng Zhao, Binance CEO stated,
“Malta has become a global hub for blockchain technology through active and transparent crypto regulations. This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens.”
Binance announced the opening of its Malta operations near the end of March 2018, after the firm got a notice letter from Japanese financial regulators about their unregistered status in the nation.
In the meantime, toward the beginning of June, Binance CEO announced that Binance had opened a bank account in Malta and step by step, they are moving towards achieving their goal to introduce the fiat-crypto trading pairs. The firm had given hint of their plans to launch the platform in Malta. It said that it would bolster the new fintech organizations and business people alongside The Malta Stock Exchange.
In July, Malta Stock Exchange partnered with Neufund, a platform for securities tokenization. In the meantime, Binance bought a 5 percent stake in the Founders Bank in Malta, with the purpose of developing a “decentralized bank” with a system based on the blockchain. The bank was intending to join forces with Neufund to issue its own legally mandatory equity tokens.
Binance is the world’s driving digital currency exchange, with nearly $822 Million of daily trade. Last July Zhao uncovered that he anticipates that the firm will reach $1 Billion of benefits in 2018.