By Mason Mohon | @mohonofficial
Binance, one of the world’s largest cryptocurrency exchange services, has been suspended by Japanese regulators.
According to RT, the Japanese Financial Services Agency issued a formal warning to Binance on Friday. The Agency stated that Binance was violating Japanese fund-settlement rules, but were unclear as to whether or not it would be a criminal charge.
According to Alexa rankings, Japan accounts for about 9% of Binance’s visitors.
“No need to worry. Some negative news often turn out to be positive in the long term. Chinese have a proverb for this. New (often better) opportunities always emerge during times of change.” – Changpeng Zhao, Binance’s chief executive.
It seems that Binance has found its new opportunity. According to Bloomberg, the organization will now be seeking a fresh start in the Mediterranean. They have yet to provide a timeframe, but Zhao said “We are very confident we can announce a banking partnership there soon…Malta is very progressive when it comes to crypto and fintech.”
The crackdowns on cryptocurrency in China, Japan, and India have made Hong-Kong a difficult base for Binance.
Binance hopes to soon start a “fiat-to-crypto exchange” on the European island nation. This would allow people to exchange fiat currencies, such as the Dollar or Euro, for cryptocurrencies on Binance’s platform.
Currently, buying cryptocurrency with fiat is mostly limited to the cryptocurrencies that are on the Coinbase platform, which include Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Opening fiat to crypto on Binance would allow users to buy many more kinds of cryptocurrencies.
Their other future plans include the creation of a decentralized exchange, but technology development for it has been slow.