Binance Cryptocurrency Exchange Denies “Genesis Plan” to Build a Blockchain Country

He Yi , co-founder of the Binance crypto money exchange, denied the fictional claims of a Chinese financial technology news source that Binance had launched the so-called “Genesis Plan” scheme. According to the news Wednesday (May 16th) that the QQ News-based news source had uncovered the truth, Binance’s so-called plan was to set up its own country, powered by BlockChain, on a private island.

Binance bought the island

The Yibencaijing is a respectable platform for news sources of financial technology and they have cited information that they get it from people close to the subject to support their story with evidence. The so-called sources in the company had already claimed that the company had already “bought the island” and could not wait to try out unique plans in crypto paradise. Besides, it was also given information that the crypto currencies in the island would be national currency.

In this emotive news of Yibencaijing , in addition to all this, information was also given that Binance was being tortured by the Chinese, Hong Kong and Japanese authorities, and had a coffee break in blockchain heaven Malta that these may be the only side of the story that reflects the real world.

In his explanations of He Yi’s strange assertions, he insisted that the vision of the company is “promote the legalization of the blockchain and crypto industries globally,” yet he said;

“The article [in question] is maliciously tarnishing the image of Binance and caus[ing] regulators in the country to have a bad impression of Binance. To create a country? It is absolutely absurd to fabricate such a story.”

Republic of Blockchains: A country ruled by a blokchain

At the same time Yibencaijing  cited popular Chinese whitepaper named “Republic of Blockchains”, a project that is country ruled by a blokchain in EU territory which will save humanity from centralized nation named ” a cruel jungle law of mutual distrust.”

Binance is the world’s second-largest crypto money market and CEO of the stock exchange , Zhao Changpeng claimed that his personel fortune is  2 billion. The company denied allegations that it had fled the main headquarters to Malta to escape regulatory sanctions and stated that the reason for moving to the country was due to the positive view of the current strong and transparent crypto money arrangements in Malta.

Last month, Bermuda’s Finance Minister signed a memorandum of understanding (MOU) with Binance and took another step toward plans to open a ” global compliance base” in the country. It is clear that Yibencaijing is inspired by Binance CEO Zhao’s interesting bermuda tweet that reflects his plans for the future fantastical crypto kingdom.

According to Fortune News:

Cryptocurrency Exchange Binance Moves to Malta, Where the Prime Minister Is Welcoming It With Open Arms

Bitcoin price took a 4% knock late Thursday after news that the Japanese financial regulator was about to crack down on the popular cryptocurrency exchange Binance, the world’s largest by traded value. What really affected Bitcoin’s price was a Nikkei report that said Binance might face criminal charges and a shutdown of its Japanese operations—though the regulator clarified on Friday that it was only going to issue a warning to the unlicensed exchange.

But that isn’t the only reason Binance is in the news right now. The Hong Kong-based exchange, which recently pulled staff from its Japanese office due to that regulatory spat, is planning to open up a new office on the island of Malta.

Founder Zhao Changpeng told Bloomberg that the Mediterranean nation was “very progressive when it comes to crypto and fintech.”

Malta is genuinely keen on cryptocurrencies, as evidenced by Prime Minister Joseph Muscat himself sharing the Bloomberg piece on Twitter, with a declaration that the Maltese “aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.”

The country is in the process of setting up a “digital innovation authority” to certify blockchain companies and set out a legal framework for initial coin offerings (ICOs)—those often-scammy fundraisers that are worrying regulators around the world.

According to Bloomberg, Binance is advising the Maltese government on its plans.

Malta—long known as a smuggling hub due to its location—isn’t the only small European country that’s trying to use the buzz around cryptocurrencies to carve out an outsized role for itself in the financial technology space.

Estonia has been toying with the idea of launching its own cryptocurrency, the Estcoin. Slovenian Prime Minister Miro Cerar recently met with blockchain startups to discuss promoting the technology—and the Slovenian city of Kranj unveiled a three-ton monument to Bitcoin just last week. Meanwhile, authorities in the Swiss towns of Zug and Chiasson have experimented with accepting Bitcoin for taxes and municipal services.

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