In what seems like a fairly interesting twist of events, the world's largest cryptocurrency exchange might find itself in a bit of trouble. 

According to a recent report, Binance is not authorized by the Malta Financial Services Authority (MFSA) to operate in the country. This also means that the venue is not subjected to regulatory oversight by the MFSA. 

The report also says that the admission of "virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malt" requires a special MFSA license under the country's Virtual Financial Assets Act of 2018. 

It's worth noting that Binance relocated its headquarters in Malta back in 2018. At the time, the exchange said that it plans to hire up to 200 people in order to assist their expansion. 

Speaking on the matter back then was Changpeng Zhao, CEO at Binance, who said: 

“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.”

At the time of this writing, Binance hasn't come up with an official statement about the MFSA statement. 

###

Thanks for reading, guys!