Bermuda: A $15 Million Crypto Investment Agreement for Binance
Premier David Burt Reported
Binance has plans to structure a new global compliance center which will be based in Bermuda in the next few months. This is according to an announcement given by Premier David Burt.
While giving a speech at the joint press conference on Friday, Burt made an announcement that the MOU (Memorandum of Understanding) had already been signed. Therefore, the Binance Charity Foundation will give a total of $10 million towards investment in the tech educational programs. Therefore, an amount of $5 million will also be invested in the Blockchain technology start-ups.
In addition to this launch, Binance is set to help Bermuda government in the development of a regulatory framework focussing on Blockchain and cryptocurrencies and also major in the establishment of a new office in the country.
“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.”
Therefore, Binance founder and CEO said that the Bermuda government and also the various regulatory bodies “are one of the most approachable on the planet,” and also added that the organization would “commit to helping the local economy.”
Therefore, the exchange is now working with the local based law firm which will ensure that start-ups office is compliant with the necessary laws which have been set by the government for crypto.
Zhao, in the press conference, addressed the most recent lawsuit which was filed against Binance and noted that “the Hong Kong high court has already rejected it and ordered Sequoia to repay our legal fees.”
According to the closing remarks, Burt also said that the new Bermuda legislation would be involved in passing the regulating ICO (Initial Coin Offerings). However, he claimed that Bermuda has the intention to “comprehensively govern” the ICOs which are done within the borders of the country.
“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.”