Binance comes to Jersey

Digital Jersey has signed a memorandum of understanding with the world’s largest cryptocurrency exchange, Binance. Under the memorandum, Binance will develop a compliance base and cryptocurrency exchange in Jersey. Digital Jersey will collaborate with Binance to deliver training and other initiatives to support the growing blockchain ecosystem in Jersey. Digital Jersey will also support Binance in discussions on compliance with anti-money-laundering regulations, and to establish exchange licensing and local banking relationships. Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world class financial services sector. The Government of Jersey and the Jersey Financial Services Commission recognise the innovative potential of distributed ledger technology and will work closely with Digital Jersey to develop this area of fintech and the growth of local talent to support it. It is hoped that the move will create around 40 new jobs in the sector. Binance will also invest in new Jersey-based start-ups in this area through Binance Labs, encouraging innovation and supporting Digital Jersey’s objective to diversify the Island’s economy and establish Jersey as a leading digital centre.