You need a huge sum of money before you can build up an exchange, this is for salary of the staff, developers, equipments, etc. You also need some good connection on the government and Malta is very open for cryptocurrency start up that's why they moved there. Binance exchange get profit from coin listing fees and trading fees, i think the only time that an exchange may loss profit is when they got hacked.
I think Binance has already dominated Malta, and it would not be right for smaller exchanges to go there again, except they have very strong competitive features to compete with bitcoinor has any offer they can give to Maltagovernment that will be higher than that of Binance. We still have some other smaller and big countries that are cryptocurrency friendly, I think Russia is also friendly; Huobi has already dominated china because that part of Asia prefers to deal with Huobi.
Irrespective of all these, any good exchange should still be able to operate anywhere provided they are not avoiding task, because I think one of the reason why Binance moved from US is to avoid task, and that is why US is still having some issue with them now.