Binance and Malta Stock Exchange Partner to Establish Security Tokens Trading Platform
Leading global crypto exchange Binance has signed a memorandum of understanding (MoU) with the Malta Stock Exchange to launch a security token trading platform.
The world’s leading cryptocurrency exchange, Binance has signed a MoU with Malta Stock Exchange. As part of the partnership, the two companies will launch a new digital exchange specifically for security token trading.
@MaltaStockExch pleased to announce an MOU signed, with crypto giant @binance, to set up a security token Exchange.We are becoming a leading crypto centre of excellence. @JosephMuscat_JM @edward_scicluna @SilvioSchembri @cz_binance pic.twitter.com/F3T86y7g44
— Malta Stock Exchange (@MaltaStockExch) September 11, 2018
The partnership was signed on Tuesday, September 11, 2018, with MSE chairman Joseph Portelli, Binance CFO Wei Zhou and Prof Edward Scicluna, Malta’s Minister for Finance all in attendance.
The new trading platform will take advantage of Malta Stock Exchange’s 26-year track record of running as a regulated stock exchange.
Malta prioritize crypto and blockchain
While talking to the press following the signing of the partnership, Scicluna stated that cryptocurrencies and blockchain technology are revolutionary and would change the world.
He added that Malta will not relax in its efforts to ensure that the country is amongst the leading crypto nations.
He noted that just like other emerging technologies, cryptocurrencies and blockchain have their own risks. However, that wouldn’t stop them from exploring it.
He also stated that MSX PLC, the fintech and digital asset subsidiary of the Malta Stock Exchange, has been created solely for that purpose.
He pointed out that transparency and effective measures are needed to fight money laundering and while also respecting consumer rights.
The minister hoped that the country will achieve success in crypto and blockchain similar to what is recorded with the gaming sector following the establishment of the Malta Gaming Authority.
MSX FinTech Accelerator Programme, a company set up back in June by two companies in the country with the aim of exploring FinTech and Blockchain projects and ideas.
The chairman of the Malta Stock Exchange, Joe Portelli commented that the partnership between the two companies represents a new market opportunity that would enable them to develop and push the boundaries of the Maltese financial sector.
He added that security token exchanges would become common the world in the coming years. Binance CEO, Changpeng Zhao meanwhile thanked the Maltese government and the Malta Stock Exchange for making this project a possibility.
Binance is not the only exchange with such an agreement in place. Investment platform Neufund and Polish cryptocurrency exchange Bitbay also confirmed similar agreements with the Malta Stock Exchange.
Binance keeps thriving in Malta
The cryptocurrency exchange announced back in March that it will be opening its offices in Malta by the end of that month. That move came after regulatory pressures back in China.
Zhao recently revealed that Binance has opened a bank account in Malta as they look to introduce fiat-crypto pairs. Company officials also hinted that Binance might open a Malta-based platform in the nearest future.
Binance is expanding its operations and is now looking to tap into African markets. The exchange recently extended its operations to Uganda and is looking to rake in $1 billion in profits this year.