Why did Binance choose Jersey?
The island’s physical location, between the UK and Western Europe, an on-island economy based on a major currency (GBP) and its well-regulated environment, and world-class digital infrastructure meant all the key boxes were ticked for an expansion that works for Binance and for Jersey.
Binance Jersey has been set up as an entity independent from its parent Binance, creating the potential for up to 40 jobs in the island as a result.
Jersey’s growing Fintech sector and skilled digital workforce were a key selling point
Digital Jersey’s track-record of connecting investors with key decision-makers meant conversations with the Government of Jersey and the Jersey Financial Services Commission happened quickly, with all parties committing to the development of distributed ledger technology in the growing Fintech sector, and an opportunity to further develop skills within the island’s digital workforce.
The relationship began back in June 2018 when Binance signed a Memorandum of Understanding with Digital Jersey, setting out a roadmap for the creation of a new fiat-to-crypto exchange.
The exchange targets traders in Europe and the UK who can trade Bitcoin and Ethereum against the British Pound and the Euro.
Leading the Binance European expansion
Speaking at the time of that signing, Changpeng Zhao, Binance CEO, said: “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.”
Tony Moretta, CEO of Digital Jersey, said: “We’re able to create an enterprising, fleet-of-foot environment through our Sandbox Jersey testbed proposition, without compromising the high standards of regulation that Jersey prides itself on. Our collaboration with Binance means their presence in the island can flourish, and we have an opportunity to delivery cryptocurrency training as part of our Digital Skills Programme, which in turn will help support the growth of new start-ups in this exciting area of Fintech.”