Markets, News, Trends

NEWS: Binance moves its headquarters to Malta, upcoming EU data privacy framework and more.

Binance Logo

Without going much further, let’s just say that these are excellent news for the cryptocurrency market as a whole.

The impact of whatever happens to Binance upon the price of BTC is significant: paraphrasing a popular statement, when Binance sneezes, the market catches a cold. The impact of whatever happens to BTC upon whatever happens to the market as a whole needs no mention.

Becoming a Maltese company de-jure (although it actually os moving its headquarters and planning to employ over 200 staff) offers the  exchange and its clients some of so-much-needed stability, especially in light of cautiously positive statements European Ministers of Finance are giving towards Blockchain as a whole.

Currently, the total cryptocurrencies market cap is just over $320 billion. Bitcoin dominates the market at 41% of all transactions.

24 hour volume of Bitcoin transactions is just over $4,5 billion.

Binance was responsible for USD $1,7 billion of 24 hour trade volume on Sunday.

Binance trade volume

“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island”, – Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation. 

Register at Binance

Malta Binance Headquarters

Meanwhile, as the market was jubilating for a short period of time, the EU has finally concluded its development of a framework on how corporations should handle their clients’ data. Although the privacy-focussed set of regulations is targeted against companies storing clients’ (notably, – EU citizens’, both within the EU and abroad) personal data, it inadvertently affects the cryptocurrency market… how? Well, i. e. all Bitcoin transactions are forever stored on a public ledger…

EU data privacy

On a brighter note, the Buenos Aires G20 cryptocurrency market discussion ended with a statement that although some regulation is to be developed in the future (a blank statement), at present, the market will be more or less left in peace.

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