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wilslaw

Binance Exchange signs MOU with premier of Bermuda

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David Burt, premier and minister of finance of Bermuda held a joint press conference with Changpeng Zhao (CEO of Binance) on 27th April 2018, to make public the partnership signing of Memorandum of Understanding (MOU). This press conference was livestreamed on Facebook.

Burt expressed his gratitude to the media. The MP’s and Madame president for being in attendance before he read out his pre-prepared speech which stated that:

Quote

The Binance Group is the world’s largest cryptocurrency exchange and an international leader in digital exchange development and fintech, with a market capitalization of US$1.3BN. Through the Binance Charity Foundation, the Group is committed to improving education [and] creating awareness in the development through the use of blockchain technology. Binance Labs are incubators to encourage greater innovation and scope for future investment in a variety of projects

 

This partnership between Binance and Bermuda will include:

  • Building of a compliance base for Binance coupled with creating 40 jobs and employing 30 local Bermudians.
  • $5million got from Binance labs are to be invested in new blockchain companies based in Bermuda
  • $10 million will be provided by the Binance foundation which will be used in sponsoring Bermudians university training in compliance and blockchain technology development.
  • Development of a digital asset exchange in Bermuda that will be subject to all the necessary regulatory and legal processes.

 

From History, Binance has been known to form an alliance with various Islands that have a connection with the British, following their announcement in March 2018 that they’ll be opening an office in the former British colony of Malta.

The CEO of Binance during the live broadcast was questioned on how much Bermuda compared with other global authorities relating to blockchain regulatory control. Zhao explained that Binance is building blockchain hubs in every continent, each with different control levels, and concluded that: “Bermuda is one of the strongest hubs”

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