Feb 22, 2020 20:30 UTC
Feb 23, 2020 at 17:51 UTC
Binance in loggerheads at Malta?
The most common problem that many of the major companies face is that they have a very low immune to facing regulatory problems. Most of the companies or startups that are operating on the basis of cryptocurrency are mainly due to the regulation that the company is offered to successfully run the show. there are a lot of problems that would arise along with if there is no proper regulation imposed on the Blockchain technology.
Major Key issues:
One of the major problems that blockchain-based companies would face is that they will not be able to run operations and services. It would appear like the company is dead from the inside if there is no regulation promised for the given area of scope of operation.
The recent confusion pertaining to the same issue is with Binance. Binance has been one of the most effective blockchain-based companies that are making a significant amount of profits in terms of business as well as user database which is one of the most efficient and standing points for any company in the same regard.
Where it all went sore:
The issue that sparked up recently was due to the announcement from Malta Financial service authority. They made it clear with their official announcement that they haven’t permitted any regulatory operation of Binance in Malta and if there were any to exist, it lies way beyond the realm of the financial regulatory services of Malta.
Now if you were to ask, If Binance is planning to move things ahead with so much uncertainty in Malta, there are many questions that the company is trying to find answers for before they reach a conclusion.
The other bigger problem is many of the speculations add to stating that the headquarters of the company is based in Malta. But however to avoid confusion further, the company made it clear that it has offices in and around Malta, but the headquarters of the company is not based in Malta.
To make sure that this message is carefully and precisely conveyed to the global level, the CEO of the company took to twitter to make sure that the ways in which the company is perceived in the outer world is a complete hoax, he added that never have the company made an official announcement to the outside world with regard to its operations and HQ at Malta. He said that this false information has been running around for ages and it is high time that the thoughts are cleared.