Crypto exchange Binance’s once cozy relationship with Malta is disintegrating before our eyes. Not over pesky regulations and licenses — but $10 million in crypto.
Local charity unit Malta Community Chest Foundation (MCCF), run by president George Vella, walked back legal threats last week to have Binance’s charity arm kicked out of Malta altogether.
Binance’s charity originally raised the funds in November 2018 and earmarked the stash for terminal cancer patients in Malta.
The Binance Charity Foundation (BCF) has since tried to dilute the funds via a US-based charity instead, citing a need to reduce administrative costs of keeping identical entities in the US and Malta.
Last month, reports showed Vella’s MCCF had filed an injunction to keep BCF (headquartered in Malta) from moving the crypto to the US.
BCF’s public position is it can’t confirm that MCCF would utilize the crypto properly without seeing what are essentially medical receipts — patient information and medical bills, along with crypto wallet addresses to receive funds, according to Malta Today.