Binance plans to establish its new global compliance center in Bermuda over the next few months, Prime Minister David Burt said.
Speaking at a joint press conference on Friday, Burt announced the signing of a Memorandum of understanding under which the charitable Foundation Binance will send $10 million to educational programs related to technology. An additional $5 million will be invested in blockchain startups.
In addition, Binance will help the government of Bermuda to develop a regulatory framework for cryptocurrencies and blockchain, as well as to create a new office in the country.
Bert said during a press conference:
"Through this partnership, Binance proposes to develop its global base here in Bermuda, creating at least 40 jobs in Bermuda with at least 30 jobs for residents ... [I] as soon as practicable, establish a digital asset exchange system in Bermuda, taking into account all the necessary legal and regulatory processes, and finally cooperate with the government of Bermuda and all the necessary oversight agencies to develop and improve a sound regulatory framework."
Binance CEO and founder Zhao Changpeng says Bermuda's government and regulators are "one of the most accessible on the planet," and said his company will "actively assist the local economy."
The exchange has already started working with a local law firm to ensure that the new startup office complies with the relevant laws, he added.
During a press conference, Zhao also referred to a recent lawsuit filed against Binance, noting that "the Hong Kong high court has already rejected it and ordered Sequoia to pay our legal costs."
In his closing remarks, Bert also referred to the new legislation Bermuda intends to enact to regulate initial coin offerings. Burt argued that Bermuda intend to "comprehensively regulate" the initial offering of coins, which are conducted within the borders of the country.
"We want Bermuda to be the number one place in the world to regulate within this space. We have a reputation to protect, we will protect it, but we will work with all people who, in our opinion, represent future growth for the people of this country and future opportunities and jobs,"