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But at the same time, Binance was withholding information about its finances and corporate structure from regulators, at least eight of whom have warned consumers about the risks of using the exchange. In public, Zhao repeatedly said he welcomed regulatory oversight and Binance lauded its anti-money laundering programme.
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Zhao’s dealings with the Mediterranean island fit a wider pattern, a Reuters investigation has found. Yet for several months Binance kept telling its millions of customers that its terms of use were “governed under the laws of Malta.” A letter from Binance in 2020, seen by Reuters, shows donations to the charity were scrapped, too. The following year, Binance privately informed the regulator it had aborted its plan, the regulator told Reuters. REUTERS/Dado Ruvic/IllustrationĪs Zhao studied the license’s conditions, he grew nervous about their stringent anti-money laundering protocols and the level of financial disclosure required, according to four people with direct knowledge of the licensing discussions. Zhao said the island would be Binance’s new base.īinance’s proposed relocation crowned the Maltese government’s strategy to turn Malta into a “Blockchain Island.” Zhao pledged that Binance would raise donations for local cancer patients.Ī Binance app on a smartphone.
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That same month Binance notified Malta’s financial regulator it planned to seek a license to operate its exchange from the island - an important step to mainstream legitimacy for the young firm. “Malta came at a time when regulatory clarity was very much needed.”
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“Binance got really lucky,” Zhao told the audience, in filmed remarks. Zhao praised Malta for opening its doors to crypto firms. Zhao was in Malta to find Binance a new home, having quit mainland China the year before when regulators there began cracking down on cryptocurrencies. ATTARD, Malta – In the courtyard of a secluded limestone palace, Malta’s political elite welcomed a guest: Changpeng Zhao, chief executive of Binance, the world’s largest cryptocurrency exchange.