Binance, Bermuda Ink $15 Million Crypto Investment Agreement

Bermuda has signed a Memorandum of Understanding with Binance to develop a global compliance center in the British Overseas Territory.

Apr 27, 2018 at 8:20 p.m. UTC
Updated Sep 13, 2021 at 7:53 a.m. UTC

Binance plans to set up its new global compliance center in Bermuda over the next few months, Premier David Burt has announced.

Speaking at a joint press conference on Friday, Burt announced that a memorandum of understanding has been signed, under which the Binance Charity Foundation will put $10 million toward educational programs related to the tech. An additional $5 million will be invested in blockchain startups.

On top of that, Binance will help the Bermuda government develop a regulatory framework for cryptocurrencies and blockchain, as well as establish a new office in the country.

Burt said during the 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."

Binance CEO and founder Zhao Changpeng said Bermuda's government and regulatory bodies "are one of the most approachable on the planet," and said his company would "commit to helping the local economy."

The exchange has already begun working with a local law firm to ensure the startup's new office would be compliant with relevant laws, he added.

During the press conference, Zhao also addressed the recent lawsuit filed against Binance, noting that "the Hong Kong high court has already rejected it and ordered Sequoia to repay our legal fees."

In his closing remarks, Burt also mentioned the new legislation Bermuda intends to pass regulating initial coin offerings. Burt claimed that Bermuda intends to "comprehensively govern" initial coin offerings that are conducted within the country's borders.

"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," Burt said.

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