Bermuda’s premier and minister of finance David Burt announced on Friday he has signed a Memorandum of Understanding with Binance, one of the largest cryptocurrency exchanges in the world. Burt revealed in the announcement:
“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, 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.”
Burt also reported that through this partnership Binance proposes to do the following:
- Develop its global compliance base in Bermuda, creating at least 40 jobs in Bermuda, with at least 30 jobs for Bermudians
- Through the Binance Foundation sponsor university-level training for Bermudians in blockchain technology development and compliance in an amount up to US$10 million
- Through Binance Labs makeup to $5 million available for investments in new Bermuda based blockchain companies
- As soon as practicable, develop a Digital Asset Exchange in Bermuda subject to all required legal and regulatory processes
- Work collaboratively with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework.
Burt then added:
“This is an exciting, tangible development which has come as a result of this Government’s clearly manifested leadership in this area. In every meeting we make clear to potential investors that we have a reputation for sound regulation and that our approach in this new area will be no different. Binance have been equally as clear that they want to work with us to promote that transparent and well regulated environment as their business’ success depends on these very same factors that have served Bermuda so well.”
The MOU between Bermuda and Binance comes a little over a month after the exchange set up shop in Malta. As previously reported, Binance had decided to shift operations away from Asia just as the exchange had received a warning from the Japanese authorities. Binance was founded in Hong Kong but preferred to say it did not have an official corporate headquarters. Earlier this month, Binance had been the victim of an attempted hack. The exchange reported it had effectively defended its platform against the hack and then offered a $250,000 bounty to anyone who could provide information that led to the arrest of the criminals.