Global cryptocurrency exchange Binance has refuted rumours it is planning to leave Malta, with its chief financial officer tweeting that it actually plans to hire more people on the island.

“Binance Europe is continuing to hire and invest in Malta! Will continue to fully support Blockchain Island,” Wei Zhou said.

Zhou’s tweet was retweeted by parliamentary secretary for the digital economy Silvio Schembri, who thanked Binance for its trust in Malta, which has emerged as one of the world leaders in the regulation of crypto companies.

Binance was one of the first major blockchain companies to move to Malta, a decision which was met by widespread excitement in the industry and was seen as a significant sign of the island’s intents to transform itself into the Silicon Valley of the Mediterranean.

Yet the initial excitement has been tempered somewhat as a result of the huge crash in the cryptocurrency markets, the stringent regulation by the Malta Financial Services Authority and the reluctance of banks to open accounts for the companies.

Earlier this year, major Maltese blockchain company DQR was forced to suspend its operations and fire most of its 65 staff after running into financial problems.

Cover photo: Binance CEO Changpeng Zhao (centre) shares a Cisk with parliamentary secretary Silvio Schembri (left)

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]