Binance Set-Up Business in ‘blockchain-friendly’ Bermuda Island, Provides $15 million in Startup funds

Binance Set-Up Business in 'blockchain-friendly' Bermuda Island

The small island nation of Bermuda is now reaping the benefits of having a cryptocurrency friendly legislation. A few weeks back in April 2018, the country began making plans to attract financial technology entrepreneurs and investors by proposing a review of its current financial laws. The country’s minister of National Security Wayne Caines at the time presented a paperwork on a newly proposed regulatory framework to attract cryptocurrency investors into the country.

Binance, one of the world’s largest cryptocurrency exchange by trade volumes, has revealed plans to set up its new global compliance center in Bermuda over the next few months. Hence, the Prime Minister of Bermuda David Burt has signed a memorandum of understanding (MOU) with the group.

SEE ALSO:   Monero price predictions 2018: Significant appreciation is possible I USD / XMR - Monero Price News today -Coin Prediction Today

Premier David Burt disclosed during a joint press conference that the MOU signed under Binance Labs will provide a sum of $10 million for blockchain educational programs while another $5 million will be invested in Bermuda-based blockchain startups.

The Prime Minister also disclosed during the press conference that the partnership would focus on accomplishing a set of goals and objectives, Binance he said has decided, “that their goals align with our aims and objectives to provide a leading, well-regulated jurisdiction, ideally suited to the growth of the FinTech industry.”

Bermuda, a blockchain-friendly Island

Just recently, the Bermudan financial authorities did a review of all the country’s existing laws that have to do with blockchain and cryptocurrencies. This is aimed at making the island nation friendlier to attract financial technology entrepreneurs and investors. International businesses are already flocking to the nations as a result of the country’s zero-based corporate income tax laws.


Legal Disclaimer: The content of this website ( is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from

SEE ALSO:   John McAfee Speaks Up Regarding Jay Clayton's Comments About Ether, Bitcoin and Other Cryptocurrencies 

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!

Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!