Video: Premier Signs MOU With Binance

April 27, 2018 | 35 Comments

[Updated] Premier and Minister of Finance David Burt is holding a press conference this afternoon [April 27]. We will have additional coverage later on and in the meantime the live video of Premier Burt’s press conference is below.

Update 1.44pm: The Premier announced an MOU and partnership with the Binance Group, which he called the “world’s largest cryptocurrency exchange and an international leader in digital exchange development and fintech with a market capitalization of US$1.3BN.” We will update with additional information as able.

The press conference has concluded, and the 11-minute replay is below

Update 8.21pm: The Premier’s full statement follows below:

Good afternoon members of the media, Madame President, Mr. Speaker, Cabinet Colleagues, fellow Members of Parliament and Senators; thank you for coming.

The pace of technological innovation moves in today’s world has challenged established norms of doing business. The new normal demands that those who would participate in this evolving space are equally as innovative, flexible and immediately responsive to the requirements of doing business.

This Government promised to usher in an era of business development that, at its core, would diversify Bermuda’s economy and provide opportunities for Bermudians to be more than spectators to economic success.

A key element of our vision is to partner with those investors who share our goal of using the development of their business interests as a means by which to provide that economic success to Bermudians who have for too long been side-lined.

Today, I am pleased to announce such a partnership. The Binance Group is the world’s largest cryptocurrency exchange and an international leader in digital exchange development and fintech, with a market capitalization of US$1.3BN. Through the Binance Charity Foundation, the Group is committed to improving education, creating awareness in the development through the use of blockchain technology. Binance Labs are incubators to encourage greater innovation and scope for future investment in a variety of projects.

Binance 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. And so today, we are pleased to sign a Memorandum of Understanding that sets out the beginnings of a partnership that I am confident will benefit the people of Bermuda. Through this partnership Binance proposes to:

1. Develop its global compliance base in Bermuda, creating at least forty [40] jobs in Bermuda, with at least 30 jobs for Bermudians;

2. Through the Binance Foundation sponsor university-level training for Bermudians in blockchain technology development and compliance in an amount up to US$10 million;

3. Through Binance Labs make up to US$5 million available for investments in new Bermuda based blockchain companies;

4. As soon as practicable, develop a Digital Asset Exchange in Bermuda subject to all required legal and regulatory processes; and

5. Work collaboratively with the Government of Bermuda and all necessary oversight agencies in the development and improvement of a robust legal and regulatory framework.

This is an exciting, tangible development which has come as a result of this Government’s clearly manifested leadership in this area. In every meeting we make clear to potential investors that we have a reputation for sound regulation and that our approach in this new area will be no different. Binance have been equally as clear that they want to work with us to promote that transparent and well regulated environment as their business’ success depends on these very same factors that have served Bermuda so well.

I am pleased to be joined by Changpeng Zhao, the CEO of Binance and Ying He, the co-founder of Binance and I wish to thank them and their team for their vote of confidence in Bermuda and in the leadership of this Government as we continue our aim to bring economic development to Bermuda and to make Bermuda the centre for the future of the blockchain world.

Thank you.

Premier David Burt Binance Bermuda, April 27 2018 (3)

Premier David Burt Binance Bermuda, April 27 2018 (4)

Premier David Burt Binance Bermuda, April 27 2018 (5)

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Comments (35)

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  1. harold evans says:

    A MOU has been signed – what has to happen before that MOU is turned into reality?

  2. wahoo juice says:

    How come the junior minister of finance is at the end of the back row? He appears confused.

    • Joe Bloggs says:

      He appeared confused when he was the UPB Minister of Transport 20 years ago too

  3. WSP says:

    How many jobs for Real Bermudians .

    • What?? says:

      30

    • Gabriel says:

      Apparently 40. They sound like they will be compliance people. Go figure – Butterfield bank wants to move their compliance team to Halifax

      • Joe Bloggs says:

        No, Butterfield wants to move its compliance FUNCTION to Halifax. The “team” will either be given new jobs or made redundant. That is the Bermuda we now live in, one where jobs leave Bermuda.

    • Bailey's Bay says:

      What is a Real Bermudian?

  4. Rocky5 says:

    New Airport started with MOU…..

  5. watching says:

    Well done Premier Burt, Minister Caines, and all other Ministers and workers that made this happen.

  6. Anbu says:

    Public consultation? Or will it just be a done deal?

  7. Joe Bloggs says:

    Let us all remember this the next time we hear about the airport being sold to the Chinese.

    • The Original Truth™ says:

      If it does get sold to the Chinese. Canadian government still hasn’t approved it. They are not sure it’s in Canada’s best interest. Too bad Bermuda’s governments aren’t so adamant about the country’s best interest.

    • puzzled says:

      So right.
      Damn….

  8. inna says:

    Whats all this business being down with the nasty, greedy, foreigner?

  9. Supersized says:

    Darn, I must have missed the tender for this opportunity.

    • Really says:

      Public tender – you mean as in Bermudians bidding to running a global currency exchange? You people need to stay in your lane and stop thinking you can do everything or are entitled to everything! This is an industry of high risk that requires a substantial investment and neither of these things any Bermudian possesses so get over it and welcome this company and its founders to Bermuda where Bermudians can learn snd be exposed to this industry.

    • Worldboss says:

      ‘Surprized’? Tender what? Nothing needed to tendered
      Binnacle is the world largest crypto currency/ digital asset exchange (fact) which facilitates trades at a volume of over $2,000,000,000 USD/Day and they decided to setup part their operations here in Bermuda. Do you complain when a new insurance company set up shop here on the island????
      This is whole new industry and that’s operating from our shores

      Ignorance enslaves, knowledge liberates

      • Joe Bloggs says:

        Wake up people. We voted for a government that hates Americans and Europeans and all the money they stand for. Why are you surprised that we are quick to jump into bed with the Chinese?

  10. Jus' Wonderin' says:

    Thanks for the public consultation!

  11. truedoh says:

    Binance is the best crypto exchange. For them to choses to do business here is a good sign for the future of crypto in Bermuda

    • Worldboss says:

      I’m blown away by the level of ignorance or even idiocracy as it relates to the comments on this post, this is a huge step foward for Bermuda, this dwarfs the Americas cup, this is not a stimulus package but a long term investment into Bermuda and facilitating business via the island. Binnacle is the world largest crypto currency/ digital asset exchange (fact) which facilitates trades at a volume of over $2,000,000,000 USD/Day

    • Anbu says:

      How many crypto businesses are successful again? I could be wrong but ive heard that the failure rate is somewhere around 80%.

  12. Deadhead says:

    I would like to see proof in the pudding before I can congratulate anyone.

  13. Kris says:

    BERMUDA ASSISTING CHINA IN ITS WORLD DOMINATION AGENDA!

  14. Stevie says:

    Burt likes to be like Trump. His other ministers are confused. A real PLP trait. Have you noticed Furbert & the BIU really quiet?

  15. mixitup says:

    Thank you OBA!…… oh wait hold on.

  16. cpm says:

    What about the Ughiers?
    I thought the Chinese consider them as terrorists.

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