The cryptocurrency giant Binance has recently signed a memorandum of understanding (MOU) with Digital Jersey, an organization which represents the views of Jersey’s digital industries to launch a cryptocurrency exchange in New Jersey, press reports on Monday, June 11.
The said collaboration with Digital Jersey will help Binance to train their crew as entailed in their digital skills program and other aspects with the intention to forward the blockchain industry in the said island state. This is a surefire way to saturate the area with more crypto enthusiasts. Furthermore, Binance will gain a rigid support in holding discussions regarding sheer compliance with AML regulations, as well as in terms of securing operating rights and possibly even banking relations with local banks.
The local government of New Jersey, as well as the Jersey Financial Services Commission, both expressed their willingness to support the local organization in its move to develop digital ledger technology in fintech.
“We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general[ly] high standards of regulation that apply in our jurisdiction,” explained Tony Moretta, Digital Jersey’s CEO. He also explained how they are “looking forward to collaborating with Binance to develop their exchange and compliance function in Jersey,” as well as in delivering “blockchain training as part of [their] digital skills program and support the growth of new startups in this area.”