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Not a tall enough poppy, seems to operate in a way Malta does't mind.

Clarification that they are not based in Malta from Changpeng Zhao (CEO of Binance): https://twitter.com/cz_binance/status/1230860647086338048

They aren’t based in Malta! They are the biggest player in the entire industry! Not a tall enough poppy? Did you just google who Binance is?

At one point they were. Their company was registered at Abacus Business Centre, Level 1 Dun Karm Street, B`kara Bypass Birkirkara, Malta