Binance, the largest cryptocurrency exchange platform has announced its plans to set up its new global compliance center in Bermuda over the next few months, Premier David Burt has announced.
Changpeng Zhao met the representatives of the Government of Bermuda including Premier David Burt, Premier and Minister of Finance, Hon. E. David Burt, JP, MP regarding the implementation of Digital Assets including cryptocurrency in Bermuda.
Burt announced that a memorandum of understanding has been signed, under which the Binance Charity Foundation will help technical educational initiatives by putting forward about $10 million. An additional $5 million will be invested in blockchain startups.
On top of that, Binance will help the Bermuda government develop a regulatory framework for cryptocurrencies and blockchain, as well as establish a new office in the country. Burt also mentioned the new legislation Bermuda intends to pass regulating initial coin offerings. He claimed that Bermuda intends to “comprehensively govern” initial coin offerings that are conducted within the country’s borders.
Burt during the conference said,
“Through this partnership, Binance proposes to develop its global compliance base here in Bermuda, creating at least 40 jobs in Bermuda with at least 30 jobs for Bermudians … [and] as soon as practical, develop a digital asset exchange in Bermuda subject to all required legal and regulatory processes, and finally, work collaboratively with the government of Bermuda and all necessary oversight agencies in the development and improvement of the robust legal and regulatory framework.”
Binance CEO and founder Zhao Changpeng believes that 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.
Bermuda is not the first country to bank the support of Binance. Recently, Binance had a partnership with Uganda to support its economic transformation.
