Crypto Exchange Binance is Establishing in Bermuda

After bargaining days, Binance will open a headquarters in Bermuda in the coming months, according to the statement made by Premier David Burt.

During the Press Conference that took place on Friday, 27th April 2018, Burt revealed the partnership agreement between the Bermuda government and Binance. By agreement of the parties, the Binance Charity Foundation is committed to investing $ 10 million in technological education and $ 5 million in supporting the startup businesses that get involved in the blockchain development.

Also, Binance is committed to designing together with the Bermuda government a law dedicated to the use of cryptocurrency and blockchain tech.

“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,” stated Burt during his presentation.

“Bermuda is one of the most accessible on the planet”

Zhao Changpeng, the Binance CEO said about Bermuda’s government that is “one of the most accessible on the planet“. According to him, the new headquarters is already in the process of being created.

Binance didn’t fail to mention the fact that they won the lawsuit against the Binance, and that “the Hong Kong High Court has already rejected it and ordered Sequoia to repay our legal fees.”

David Burt wanted to end his speech, noting that the Bermuda regulatory framework will take into account the process of Initial Coin Offerings.

“We want to ensure that Bermuda is the world’s number-one place for regulation inside of this space. We have a reputation to protect, we will protect it but we will work with all persons who we believe represents future growth for the people of this country and future opportunities and jobs,” added Burt.