Founders Bank Advertising Skirts Malta Banking Act Regulations

[jings009]

Malta-based decentralized crypto bank project Founders Bank is still awaiting a licence from local authorities, but is calling itself a bank despite a law against it, The Times of Malta reported on Saturday.

Founders’ Bank, which is backed by cryptocurrency exchange Binance, applied for permission to operate as a bank on June 12. The company is presenting itself as a decentralized bank because it plans to be owned by the crypto community. The project will launch an Initial Coin Offering (ICO) with its own token and the plan is that every coin owner will be rewarded with a share in the futur...

By: Deyana Laguna

Read more: https://cryptovest.com/news/founders-bank-advertising-skirts-malta-banking-act-regulations/?utm_source=Investing.com&utm_medium=PartnerFeeds