Binance banished from Blockchain Island

Category: Blockchain Europe Regulatory

The international series of regulatory crackdowns on Binance now comes to Malta, where the dream of Blockchain Island is swiftly fading

BlockchainIslandAfter facing partial bans in the EU, UK, Thailand and the Cayman Islands, Malta has gone in for a fight with Binance, the Times of Malta report. Or more specifically, their blockchain charity foundation. Binance Foundation’s failure to file accounts, and them ignoring several warnings to resolve that matter, has led to stern warnings of the commissioner for voluntary organisations. In turn, Binance pulled it’s efforts to gain a license on the Blockchain Island, a term which seems to resemble a dead vision nowadays, instead of an ambitious project.

The regulatory conflict comes after the Malta Community Chest Fund demanded the foundation to act on pledges of cryptocurrencies by cancer patients, that were now worth €7 million. Since then, the Malta Community Chest Fund has filed an injunction to prevent Binance from liquidating the foundation and relocating assets to the US. Legal action for dissatisfactory accounting might follow.

Global regulatory action has severely damaged Binance’s operations, much to the profit of competitors, who are gaining ex-Binance users. Warnings of the Malta Financial Services Authority (MFSA), that Binance may not operate in the nation, have however stirred up the climate in local politics as well.

Blockchain Island could have been a reality but, because of its incompetence and corruption, this government turned it into a disaster, but not before using cancer patients to make it look like there was something in it for the Maltese citizen.

A statement of opposition leader Bernanrd Grech reads. The government countered, it never intervened in private agreements of the blockchain sector and called the statement irresponsible.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.