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Joseph Gauci

Binance, one of the world’s largest cryptocurrency exchanges, announced its backing of a proposed new bank owned by digital coin investors

Binance relocated to Malta earlier this year after a regulatory crackdown on the crypto-currency exchange in Asia.

According to Bloomberg, Binance invested a five per cent stake alongside other anchor investors, valued at €133 million, for Founders Bank.

Parliament, last week, officially passed three Bills establishing a regulatory framework for cryptocurrency, blockchain and distributed ledger technology.

The bank would need to obtain a licence from the local authorities.

Founders Bank said users would be able to access their accounts from both the mobile and desktop web applications and use them directly with credit cards issued by Founders Bank.

The company said it was awaiting a banking licence in Malta. It is expected that Founders Bank will be operational by the middle of next year.

At KSi Malta we offer the following services:

  • Guidance to companies on Initial Coin Offerings (ICOs)
  • Advice on the regulatory status of Cryptocurrencies and companies trading in Virtual Coins
  • Assistance in the legal aspect of Blockchain backed operations -  Draft legal opinions
  • Provision of solutions and advice for KYC related matters