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Binance Follows OKEx In Setting Up Malta Security Token Exchange

Wilma Woo | Sep 11, 2018 | 13:00

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Cryptocurrency exchange Binance has signed a deal with the stock exchange of its new home Malta to host traditional assets using blockchain-based security tokens.

Malta ‘Taking The Helm’

In a press release September 11, MSX, the fintech and digital asset subsidiary of the Malta Stock Exchange confirmed it had signed a memorandum of understanding (MoU) with Binance to launch the security tokens trading platform.

“Malta is taking the helm of regulating blockchain technology and cultivating a center of excellence within the global digital innovation landscape,” Malta Stock Exchange chairman Joe Portelli commented.

The move represents the latest integration between Binance and Malta, the country having previously committed to becoming a “Blockchain Island” through the creation of friendly regulation governing both blockchain technology and cryptocurrency.

A direct partnership with @MaltaStockExch. In the photo, Binance Head of Operations Mariana, @binance CFO Wei, Malta Finance Minister Edward Scicluna, Chairman of Malta Stock Exchange Joseph Portelli. Love the caps! pic.twitter.com/kPOepn5cpL

— CZ Binance (@cz_binance) September 11, 2018

A Crowded Island

In July, the exchange announced it planned to make the country a host of the world’s first decentralized tokenized bank, while Maltese government officials had publicly welcomed it to its shores when it relocated from Hong Kong in March.

“We are excited to continue to help build the blockchain ecosystem in Malta, which has become a global hub for blockchain technology through active and transparent crypto regulations,” CEO Changpeng Zhao said.

“This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens. We look forward to bringing more innovations to Malta and further establishing our presence here.”

Binance is not the only exchange to be making moves on Malta. OKEx, the international arm of Chinese platform OKcoin, signed a similar agreement to create a security token trading platform in July.

“Malta is on the cusp of becoming a center of excellence within the global digital innovation landscape,” Portelli said at the time.

“We are thrilled to be teaming up with OKEx, a leader in the digital currency sector, to leverage our expertise on the compliance and regulatory front to truly be a trailblazer within the security token sector.”

What do you think about Binance’s partnership? Let us know in the comments below!

Images courtesy of Shutterstock, Twitter