Clyde Caruana backs President on rejecting Binance's $39m donation
'You either give to charity or you don't,' Caruana argued
Clyde Caruana has backed President Myriam Spiteri Debono’s decision to turn down a donation now worth around $39 million from crypto giants Binance.
Caruana was replying to questions over the donation at a pre-budget event at Xara Lodge on Tuesday morning.
Last week, Times of Malta revealed that the Malta Community Chest Fund (MCCFF) had recently walked away from the donation, citing reputational concerns.
The initial donation of €200,000 worth in Binance’s crypto coin BNB has now ballooned to almost $39 million.
The move came after years of legal bickering, with the two sides unable to agree over how the funds should be administered and disbursed. Binance insisted on sending the funds directly to patients’ crypto wallets rather than handing them over to MCCFF.
When asked about the matter, Caruana explained that the issue between the two sides revolved around Binance wanting beneficiaries to open an account.
However, Caruana appeared to have little sympathy for the company’s request on Tuesday.
“You either give to charity or you don’t,” Caruana said. “Don’t dance around it”.
Caruana’s views echo those of the President, who dubbed it a “bogus donation”. Accepting these funds would be unfair on other donors who act in good faith, she argued.
Caruana’s views contrast with those of many of his peers who have weighed in on the issue.
Last week, Robert Abela argued that MCCFF had acted too hastily in turning down the donation, saying we “should not be more puritanical than we have to be”.
Other Labour MPs, from Edward Zammit Lewis to Rosianne Cutajar, have expressed similar views, as has opposition leader Alex Borg.
Binance has so far remained tight-lipped over the matter, telling Times of Malta that it "will ensure these funds are spent in Malta".