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Binance-backed, crypto-friendly Founders Bank is still waiting to receive a license in Malta

Quick Take

  • Binance-backed Founders Bank has yet to win a license in Malta even though it originally expected to have one by 2019
  • The project also slashed its funding target due to lack of a regulatory timeline
  • The delays may stem in part from changes to the political landscape in Malta, which the crypto community has dubbed “Blockchain Island”
The Founders Bank project, which was first unveiled in 2018 with Binance as one of its investors, has yet to receive a license in Malta. The coronavirus (COVID-19) pandemic has slowed down approvals, a spokesperson told The Block.

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