Bermuda Opens Its Doors To The Largest Cryptocurrency Exchange In The World

According to reports, Binance is planning to open its new global compliance center in Bermuda over the next few months. None other than premier David Burt has reported this development. 

David Burt announced at a joint press conference that a memorandum of understanding had been signed under which it has been agreed that the Binance Charity Foundation will invest $ 10 million towards educational programs which are related to the blockchain technology. It has also been pulged that an additional $5 million will also be invested in blockchain startups. 

A regulatory framework

Binance, in collaboration with the government of Bermuda, will help to develop a regulatory framework for blockchain and cryptocurrencies. For this purpose, they will be establishing a new office in the country. 

Burt had 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.” 

Bermuda ‘most approachable.’

The founder and CEO of Binance, Zhao Changpeng, has remarked that Bermuda’s government and regulatory bodies “are one of the most approachable on the planet.” 

He further said that his company would

“commit to helping the local economy.” 

Binance has already begun to co-operate with a local law firm so that the new office that they are coming up with does not transgress any rules or regulations. 

Zhao also talked about the recent case that was filed against Binance by Sequoia. He clarified that “the Hong Kong high court has already rejected it and ordered Sequoia to repay our legal fees.” 

Burt spoke about the need for regulating initial coin offerings. Burt said,

“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.” 

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