Crypto Exchange Binance Signs MOU With Digital Jersey

Announcements, News | June 13, 2018 By:

Digital Jersey, an industry organization on the island of Jersey, has signed a memorandum of understanding (MoU) with Binance, the world’s largest cryptocurrency exchange by market capitalization.

Digital Jersey is an economic development association which aims to establish Jersey as an “internationally recognized center of digital excellence.” It promotes the excellence through services such as working spaces for local tech businesses and training courses.

Per the terms of the MOU, the two companies will work together to deliver training as part of Digital Jersey’s digital skills program and other services with the purpose of promoting the blockchain industry in Jersey. Binance will invest in new Jersey-based startups through Binance Labs. Digital Jersey will also support Binance in discussions about compliance with anti money laundering (AML) regulations, as well as assist the exchange in establishing licensing and banking relations on a local level.

“Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015,” said Tony Moretta, CEO of Digital Jersey. “We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills program and support the growth of new startups in this area.”

Jersey, officially the Bailiwick of Jersey, is a Crown dependency located near the coast of Normandy, France. Crown dependencies are three island territories off the coast of Britain. The other two islands are the Bailiwick of Guernsey and the Isle of Man. Jersey has a separate relationship to the Crown from the other Crown dependencies, although all are held by the monarch of the United Kingdom. Jersey is a self-governing parliamentary democracy under a constitutional monarchy, with its own financial, legal and judicial systems, and the power of self-determination.

Changpeng Zhao, CEO of Binance, said the company selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world class financial services sector.

“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment,” said Zhao. “With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

The government of Jersey and the Jersey Financial Services Commission will also support Digital Jersey in the development of distributed ledger technology in FinTech and the growth of local talent. It is hoped that the partnership with Binance will create around 40 new jobs in the sector.