Blockchain

Binance backs world’s first decentralised bank in Malta

Binance release statement on alleged KYC hack

It has invested $155 million (£101 million) in Founders Bank which gives it a 5% stake in the new blockchain-powered institution with tokenised ownership.

Per EU financial rules, Founders Bank investors will need to apply for a licence from regulators in Malta, which has become an international blockchain and crypto hub because of its robust and transparent regulations of the space.

“Malta is honoured to be chosen as the location of the first global community-owned bank,” says Silvio Schembri, junior minister of the Office of Prime Minister. Binance CEO Chanpeng Zhao comments: “Malta is the fusion ground for traditional and blockchain finance.”

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.