Binance has launched a $1 million worth of BNB giveaway. This comes at a time the Malta financial regulatory agency denied authorizing Binance to operate in the Island.
On Friday, the Malta Financial Services Authority (MFSA) said in a statement that Binance is not subject to its regulatory oversight, but assessing if some of the exchange’s activities in the country many not be within the realm of the regulatory oversights.
“The Authority is however assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight,” the statement contained.
“Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta requires an MFSAlicence in terms of the Virtual Financial Assets Act (CAP 590) of 2018.”
It is hard to say that Binance has any office in Malta. Binance’s chief growth officer, Ted Lin, informed Decrypt during an interview that the firm has offices in Malta for its customers, but its headquarters is not based in the country.
“We have offices in Malta for customer services, and some compliance people there, but it’s not the headquarters per say. It’s the spiritual headquarters,” the Binance employee told the news outfit.
“It’s a name that people think about when they think about Binance.”
However, up till now, it is still unclear whether Binance has its headquarters in the country or where the exchange is regulated.
In a response to the Binance community today, CZ said “Nothing has changed in Malta, for Binance or any other crypto exchanges.”
CZ said Binance is not headquartered or operated in Malta, saying the information is “old news and has always been the case.”
The CEO of Binance said Malta is a good supporter of Cryptocurrency, working towards the adoption of digital currency, but he reiterated that the country has not granted license to any firm as of yet.
“No licenses were granted to anyone by Malta, as of yet,” CZ said.
BREAKING: Nothing has changed in Malta, for Binance or any other crypto exchanges. No licenses were granted to anyone by Malta, as of yet.
Some media, even crypto media, has such a bad habit of releasing misleading news that only hurts their own credibility and our industry. https://t.co/C9MdCngx70
— CZ Binance 🔶🔶🔶 (@cz_binance) February 21, 2020
Binance Launches $1 Million Crypto Giveaway
Binance has announced the launch of 50,000 BNB (around $1,120,000) community giveaways, purposely to show gratitude to Binance supporters whose unflinching support created a pedestal for the exchange to keep on having a smooth ride.
Any of Binance users who trades around 1 BTC on either Binance Spot or Margin markets while the promotion is still on, benefits from a pool of 40,000 BNB. Also users who trade 1 BTC on Binance futures get a split of 10,000 BNB.