Cryptocurrency exchange Binance plans to expand further after Malta by agreeing to develop a compliance base and open a cryptocurrency exchange in Channel Islands Jersey.
Jersey is the biggest of the Channel Islands, between England and France. Digital Jersey is the independent organization that represents & promotes Jersey's digital industries.
Digital Jersey's principal aim is to facilitate the growth of the digital sector, increasing its economic value to Jersey and to create more employment opportunities.
Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015.
The move by the world's largest cryptocurrency exchange is expected to create around 40 new jobs in the digital sector.
Digital Jersey is working with Binance to establish training schemes covering a range of digital skills including blochchain's distributed ledger technology, artificial intelligence and regulatory compliance.
Binance also plans to invest in new Jersey-based digital sector start-ups through Binance Labs.
Meanwhile, Digital Jersey will also assist Binance in discussions on compliance with anti-money-laundering regulations, and to establish exchange licensing and local banking relationships.
Hong Kong-based Binance set up an operational base in crypto-friendly "Blockchain island" Malta in March. It has already witnessed a growth in trading volumes in the past few months, with the user base surging to 9 million from just over 2 million in January.
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