Finance Minister Clyde Caruana has publicly backed the Malta Community Chest Fund’s decision to reject a major crypto donation from Binance Charity, citing reputational concerns about the exchange.
According to the Times of Malta, Caruana said on Tuesday that he supported the charity’s refusal to accept 30,644 BNB, a donation initially valued at around $200,000 in 2018 but now worth approximately $33 million.
The minister’s remarks follow reports that the Malta Community Chest Fund (MCCF) a government-run charity supporting medical and social causes walked away from the donation due to unease about Binance’s reputation.
Binance, meanwhile, maintains that it cannot complete the donation without receiving verified patient details, including medical bills and crypto wallet addresses, to ensure direct distribution to beneficiaries.
President calls donation “bogus” amid growing scrutiny
President Myriam Spiteri Debono, who chairs the MCCF, previously described Binance’s contribution as a “bogus donation” during comments to the Times of Malta earlier in October. Speaking at an event in San Ġwann, she questioned whether Binance Charity acted in good faith, asserting that the company “does not have a good name.”
Debono added that accepting the funds could be “unfair on other donors who give in good faith and follow the laws.”
The donation dispute traces back to 2018, when Binance and its users pledged BNB tokens to help cancer patients in Malta. However, disagreements over data sharing and compliance halted the process.
In a 2021 statement, Binance said that donation plans submitted to the charity lacked the crypto wallet details necessary to distribute the funds directly to end beneficiaries. “Regrettably, when donation plans were submitted to BCF on November 24, 2020, they did not include end-beneficiaries’ wallet addresses,” Binance said at the time.
Political divide deepens over rejected funds
The controversy has split Malta’s political leadership. Prime Minister Robert Abela urged the charity to reconsider its position, expressing disappointment that such a substantial donation could go unused.
Other politicians, including Edward Zammit Lewis, Rosianne Cutajar, and opposition leader Alex Borg, have echoed Abela’s sentiment, calling for a pragmatic resolution that would allow the funds to support patients in need.
The debate underscores growing tension between Malta’s commitment to regulatory integrity and the practical need for funding charitable causes especially when cryptocurrency donations raise questions about transparency and reputation.