Malta’s Finance Minister endorsed the President’s recent choice to decline Binance’s BNB donation. The original fund of $200,000 has surged to $39 million following BNB’s significant rally in recent years.
Reportedly, the exchange aimed to directly provide BNB to cancer patients, necessitating access to sensitive medical data. This concern, along with other reputational considerations, led to the nation’s decision to refuse the offer.
Sponsored
Sponsored
Malta Rejects Binance Money
Binance’s proposal to donate over 30,000 BNB to Malta dates back more than six years but has recently reemerged in the news.
An initial donation of $200,000 to the Malta Community Chest Fund for cancer patients has expanded to $39 million due to BNB’s recent uptrend, yet the President declined it.
While the fund isn’t officially linked to the government, the Maltese President is automatically designated as its Chair.
Myriam Spiteri Debono, who currently occupies this role, stirred a minor uproar within Malta’s government by refusing Binance’s contribution. Today, local media reported that she received some support:
“You either give to charity, or you don’t. Don’t dance around it,” announced Clyde Caruana, Malta’s Finance Minister. He expressed concerns about potential conditions linked to the charitable donation.
He specifically cautioned that Binance intended to access patient records from Maltese citizens.
Sponsored
Sponsored
The exchange allegedly sought to ensure that the donation would genuinely reach cancer patients rather than just providing BNB to the fund.
This condition might have complicated the charity’s operations, but it would certainly involve sharing sensitive medical information with a third party.
A Questionable Reputation
Crypto companies like Worldcoin have faced legal backlash globally over their intentions to place biometric data on the blockchain. Regardless of whether Binance has similar aspirations, the exchange’s request sparked governmental resistance.
Furthermore, Malta has valid reasons to approach Binance with caution. Amid allegations of insider trading and dubious BNB tokenomics, there’s a larger apprehension.
Last week, community experts confronted the exchange, accusing it of utilizing charitable contributions to cleanse its reputation following previous financial controversies.
Considering these elements, Malta feels that $39 million isn’t worth engaging with Binance at this level. While the Finance Minister acknowledged the nation’s budget challenges regarding public transit, this donation remains in a completely different domain and too minimal to effect any significant change.
In essence, this BNB reserve is set to remain in limbo for the foreseeable future.
