Digital Jersey, an important economic agency located in Jeersey, has signed a Memorandum of Understanding (MoU) with the famous crypto exchange Binance. With this partnership, Binance wants to develop a compliance base and crypto exchange in Jersey.
Digital Jersey will be helping Binance with the discussions regarding Anti Money Laundering (AML) regulations, and with establishing closer relationships with financial institutions like banks.
— CZ (@cz_binance) June 11, 2018
Binance is currently the most important cryptocurrency exchange in the world, handling $1.35 billion dollars in trading volume. The most important trading pair are BTC/USDT, EOS/USDT and ETH/USDT. Accounting for almost 30% of the total volume.
Jersey is politically and financially stable and has an important digital infrastructure developed. The Government of Jersey, and the Financial Services Commission of the Island are very aware of the capabilities of blockchain technology for the future.
Changpeng Zhao, Binance CEO, commented about it:
“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. 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.”
In the last months, Binance has tried to establish its headquarters in the European island of Malta. The country has a very open policy towards cryptocurrencies and has established a clear regulatory framework for crypto-related companies to operate there.
In the last days, Binance revealed that it is going to start accepting fiat pairs on its platform starting with Euros. Binance’s expansion plans to Jersey and Malta may be related to the intention to acquire banking support to handle EUR and GBP trading pairs. Other currencies may be added in the future, according to Zhao, but he did not hint which ones.
Digital Jersey will be cooperating with the exchange to establish training schemes covering a wide range of digital skills. Binance will also invest in Jersey-based startups through Binance Labs.
According to Digital Jersey’s CEO, Tony Moretta, the island was one of the first countries to clarify its legal positions towards cryptocurrency exchanges back in 2015. They are able to provide a permissive environment for crypto-related businesses without reducing the legal standards.
“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 programme and support the growth of new startups in this area,” Mr. Moretta said.