The government of Malta has rejected a massive donation from Binance. The funds, valued at $39 million in BNB, were halted. The decision is based on ethical concerns about the conditions requested by the exchange. Finance Minister Clyde Caruana criticized Binance’s request to access sensitive patient data as part of the rejection of $39 million BNB donation.
The donation originated over six years ago. Binance initially gave 30,000 BNB to the Malta Community Chest Fund. At that time, the value was approximately $200,000. However, the spectacular rise in BNB’s price has skyrocketed the value of those assets. Today, the donation amounts to an impressive $39 million. Malta’s President, Myriam Spiteri Debono, who chairs the fund, initiated the refusal. This stance received backing from the country’s Finance Minister.
The main point of friction is Binance’s conditions. The exchange did not want to simply hand over the funds to the charity. Allegedly, Binance demanded to dispense the BNB directly to cancer patients. This would have required the company to access confidential medical information. Caruana was clear about it, stating: “You either give to charity, or you don’t. Don’t dance around it.” This demand raised alarms about privacy and ethics in handling medical data.
Is Binance trying to launder its image at the cost of privacy?
Malta’s decision reflects a growing global caution towards Binance. The nation, once seen as a “blockchain island,” now distances itself from major crypto players with questioned reputations. This event underscores the reputational risks associated with the exchange. For BNB investors, this reinforces the narrative of regulatory and ethical scrutiny surrounding the company. The controversy arises as Binance already faces previous accusations of questionable fund use and tokenomics management.
Malta’s refusal sets a firm precedent. The country prioritizes ethics and data privacy over a significant financial gain. The rejection of $39 million BNB donation leaves the funds in limbo for now. This incident highlights the tension between new crypto finance and traditional regulations. It remains to be seen how Binance will publicly respond to the Maltese government’s serious accusations about its charitable intentions.
