Binance Signs $15 Mln Agreement with Bermuda Govt for Crypto Investment, Jobs

Binance Signs $15 Mln Agreement with Bermuda Govt for Crypto Investment, Jobs

cryptocurrency exchange News Regulation
April 28, 2018 by Bitzamp
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Binance is looking to set up its new Global Compliance Base in Bermuda, Premier and Minister of Finance David Burt announced on Friday, April 27. Speaking at a joint press conference, Burt announced a memorandum of understanding (MOU) and partnership with the Binance Group, the “world’s second largest cryptocurrency exchange according to market capitalization. According
Binance Signs $15 Mln Agreement with Bermuda Govt for Crypto Investment, Jobs.

Binance is looking to set up its new Global Compliance Base in Bermuda, Premier and Minister of Finance David Burt announced on Friday, April 27.

Speaking at a joint press conference, Burt announced a memorandum of understanding (MOU) and partnership with the Binance Group, the “world’s second largest cryptocurrency exchange according to market capitalization.

According to the MOU, Binance will spend up to $10 mln on university level training for Bermudians in blockchain technology development and compliance through the Binance Foundation. The company will also provide an additional $5 mln which will be invested in blockchain startups.

“Through this partnership Binance proposes to develop its global compliance base in Bermuda, creating at least forty [40] jobs in Bermuda, with at least 30 jobs for Bermudians,” Burt continued.

“As soon as practicable,…[Binance will] develop a Digital Asset Exchange in Bermuda subject to all required legal and regulatory processes and work collaboratively with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework.”

The Bermuda government reportedly plans to develop a sound legal framework for digital currencies and blockchain. Burt said that the government wants to make Bermuda “the centre for the future of the blockchain world”.

Binance CEO and founder Zhao Changpeng said Bermuda’s government and regulatory bodies “are one of the most approachable on the planet,” and said his company would “commit to helping the local economy.”

According to Zhao, the exchange has already started working with local solicitors in order to ensure that the new office will be compliant with the relevant laws.

 


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