The world’s largest cryptocurrency has found a new home on one of the world’s smallest island states. Prime Minister Joseph Muscat warmly welcomed the cryptocurrency platform and spoke of his desire for Malta to become “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies”. Colleagues joined him in welcoming Binance and spoke of a desire for Malta to become known as “the blockchain island”.
If Zug in Switzerland is Europe’s crypto valley, Malta is bidding to come its island equivalent. The Mediterranean island, with a population of 450,000, is a major hub of banking and finance and is a global leader in the online gambling industry. On March 23, Binance announced that it would be moving its operations to the island, which is a European Union member. The cryptocurrency exchange, the world’s largest by trading volume, has been searching for a home after regulatory action in China, Hong Kong, and Japan forced it to look elsewhere.
Binance, found online at Binance.com, is a popular cryptocurrency exchange currently sitting in the top 20 exchanges by volume.
The exchange has particularly strong volume in pairs like NEO/BTC, GAS/BTC, ETH/BTC, and BNB/BTC. BNB is the exchange’s homegrown currency called Binance Coin.
Binance is known for its low trading fees (0.1%) as well as its fast transaction processing. The Binance technology is capable of processing 1.4 million orders each second, making it a world leader in potential exchange volume. At the time of writing, Binance was sitting in the #17 spot in terms of 24 hour trading volume.
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