Binance Office Situated ‘on Mars’, Seychelles, Cayman Islands or Really in… – Coinspeaker

On February 21, the Malta Financial Service Authority made an official post about the Binance exchange office address. The cryptocurrency market received a hit.

A bunch of news media was referring to Binance as to Malta-based exchange. The fact is that nobody saw that office of Binance situated in Malta. Some crypto journalists like Cryptomedication were asking people in Telegram chats for months: Where is Binances office? So far, cryptocurrency enthusiasts had nothing to answer.

Despite the press refers to some office, they often just call it Binance office so you never ask yourself, where it is or whether it is real at all. And now, after the MFSA official statement, people honestly have no ideawhere the officeis.

What the public is certain about, is that its not on Malta:

Following a report in a section of the media referring to Binance as a Malta-based cryptocurrency company, the Malta Financial Services Authority (MFSA)reiterates that Binance is not authorized by the MFSAto operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.

The Authority is, however, assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight. Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta requires an MFSA license in terms of the Virtual Financial Assets Act (CAP 590) of 2018.

Not sure, but it looks like Maltese authorities have decided to look into what property or assets does Binance holds on the possible local accounts.

The real home for innovations seems to be the Seychelles and Cayman Islands, according to the report by investigative outlet Decrypt published on February 13, 2020. Per the outlet,Financial Times already madepartial mention of the real Binance office location in their piece titled Crypto exchange Binance ordered to suspend operations in Japan back on March 23, 2018.

The title itself is very interesting. Japan is one of the best countries in the world regarding how to use and regulate cryptocurrencies without harsh restrictions. For the average person, there are no burdens to create a crypto venture in Japan. But if you try cheating, theyll kick you fast.

Changpeng Zhao, Binance CEO, was quick to respond via Twitter to the wall of questions that started surrounding the CEO.

Worth noting that CZ may face certain sanctions from any regulators who will consider re-checking their papers with Binance like the Maltese authorities did. Also, Binance Chief of Growth Ted Lin earliertold the Decrypt during an interviewthat the exchange has a spiritual office on Malta. The main one is, however, situated in another country:

We have offices in Malta for customer services, and some compliance people there, but its not the headquarters per se. Its the spiritual headquarters

What is a spiritual office?

So, Financial Times and Decrypt found that Binance is located on the Cayman Islands, as well as on Seychelles. But polls show that many of the market participants didnt know about this till today:

And heres the survey by Larry Cermak:

So, many people think that Binance had its office on Mars, or they have only partial information. Interestingly, back in September 2019, Binance madeinvestments in a Chinese company named Mars Finance. Do they have a spiritual office on Mars? Conspiracy theorists and mediums can draw shiny conclusions on here.

Jeff Fawkes is a seasoned investment professional and a crypto analyst covering the blockchain space. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.

You have successfully joined our subscriber list.

View post:

Binance Office Situated 'on Mars', Seychelles, Cayman Islands or Really in... - Coinspeaker