Binance Invests $15 million In Bermuda In Agreement With Government
Binance will be setting up its new global compliance center in Bermuda throughout the next few months, as announced by the country’s Premier David
During a press conference last Friday, Burt announced that an agreement has been signed between both parties under which the Binance Charity Foundation allocate funds worth $10 million toward educational programs related to tech. An additional $5 million will be invested in blockchain startups.
In addition to that, Binance assist the Bermuda government with the development of a regulatory framework for cryptocurrencies and blockchain, and also establish a new office in the country.
David Burt stated during a press conference:
- “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.”
Burt signed the agreement together with Changpeng Zhao, founder and CEO of the world’s second largest cryptocurrency exchange by market capitalization. Burt stated that Binance’s goals “align with [their] aims and objectives to provide a leading well-regulated jurisdiction ideally suited to the growth of the fintech industry.”
Bermuda’s Premier went on to say:
- “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 at this point in time we will work with all persons who we believe represent future growth for the people of this country and future opportunities and jobs.”