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Binance-run Blockchain Charity Foundation is under threat of regulatory action in Malta as the commissioner for voluntary organizations Malta has warned the exchange over consecutive failures to file accounts for the past three years.
The office of the commissioner claimed in a letter dated 23rd July that the worldās largest crypto exchange is guilty of āignoringā yearly reminders to file its accounts for 2018, 2019, and 2020.
Binanceās regulatory trouble in Malta began after the Malta Community Chest Fund approached the court for justice in the case of unfulfilled cryptocurrency donation pledges. The community fund revealed that the value of pending donations by Binance run charity foundation has increased from a couple of hundred thousand euros to ā¬7 million in the past three years
Binanceās Unauthorized status in Malta
The authorities also announced that they will be reporting Binanceās illegal stay to the police. However, Binanceās Blockchain Charity Foundation explained that they were reviewing their financial statements that would be sent to the commissioner for voluntary organizations by August 2019.
According to Maltaās watchdog, the Malta Financial Services Authority (MFSA), Binance has been unsuccessful at acquiring a license to provide its services in Malta to date.
āThis letter is being sent to you at your address as, despite many attempts to trace the organization on the given address and contact numbers supplied in the file, no response was forthcoming and all communication ignored,ā the MFSA wrote to the foundationās administrators.
Political War of Words
The situation with Binance has led to a war of words between the ruling and opposition party in Malta. The nationalist and opposition leader, Bernard Grech criticized the government for the failure to make Malta aĀ blockchain hub and accused them of being corrupt.
āBlockchain island could have been a reality but, because of its incompetence and corruption, this government turned it into a disasterā¦But not before using cancer patients to make it look like there was something in it for the Maltese citizen.ā, said the opposition leader, Bernard Grech.
The ruling government reverted, discarding its involvement in any corruption. Furthermore, it pointed out that the oppositionās comments were āirresponsibleā.
The post Binance-run Charity in Malta may face legal trouble appeared first on Coingape.
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