Bitmora Exchange Chooses Malta over US To Kick Off Operations

Brand new US cryptocurrency exchange Bitmora is packing up and moving to Malta, seeking a more crypto-friendly environment.

by Nina Dimitrova
21 May • 2 mins
In News

Bitmora, a newly-established cryptocurrency exchange, originally based in San Diego, has recently announced in its blog that it is moving operations to Malta and is pushing back its official launch to May 26. The main reason for the move to Malta, according to the blog post, is the more crypto-friendly stance of the European island nation.

“W
e are finally ditching the United States of America”, Bitmora said. “The US has caused nothing but trouble for us for the past year, everything from fundraising to regulation, and we’ve hit walls with American Banking Institutions.” And while the US authorities are “a year or two away from making their minds up on what’s what in the new world”, Malta is actively building a regulatory framework for the crypto industry, trying to attract the fintech companies, according to the company.

Malta has flagged ambitions to become “the Bitcoin Island” with its supportive stance on cryptocurrencies, blockchain technology and Initial Coin Offerings (ICOs). In April the country’s Cabinet approved three bills providing a regulatory framework for the industry. Malta has already attracted two of the largest global cryptocurrency exchanges – Binance and OKEx, as well as numerous smaller companies in the distributed ledger technology (DLT) sector.

The move to Malta would not affect its front-end operations and it will still be headquartered in San Diego, but would make possible an eventual ICO, Bitmora said. Furthermore, the pushing back of the launch, will allow it to add many new features right from the start. Among them would be full fiat trading, a fully completed Education Center and sleeker user interface.

According to its website, Bitmora will offer trading in quite a few cryptocurrencies including the most popular and some of the more exotic ones. It will also support margin trading and have a fully-fledged mobile trading application.