17 January 2019
Carey Olsen and JTC support launch of Binance Jersey
Carey Olsen has provided legal and regulatory advice to the world’s largest cryptocurrency exchange, Binance, for the launch of its Jersey platform, along with JTC who provided corporate services for the launch.
Binance Jersey will provide secure and reliable Sterling and Euro to cryptocurrency (Bitcoin and Ethereum) exchange, enabling investors in Europe and beyond easy access to the rapidly evolving cryptocurrency market, and an alternative to standard currency (fiat) exchange.
Binance signed a Memorandum of Understanding (MoU) with Digital Jersey in July 2018 with the intention of launching Binance Jersey, which is set to be a significant fintech asset to Jersey, financially and reputationally, as well as to the exchange going forward.
The Carey Olsen team was led by partner Chris Griffin, assisted by Holly Brown, Daniel Burridge and Tarina Le Boutillier. Counsel Huw Thomas and Adele Browne also advised Binance on the data protection elements involved.
Mr Griffin said: “It's been fantastic to help Binance establish their European platform in Jersey and to see them take advantage of Jersey's virtual currency exchange regulations."
JTC provided a range of specialist services to ‘incubate’ Binance Jersey ahead of its live launch, with a particular focus on bespoke technical compliance services that ensured Binance Jersey would be fully compliant with the island’s virtual currency exchange regulations. JTC also provided director, administration, accounting and bookkeeping services.
Mark Grenyer, Head of Funds, JTC said: “JTC has considerable experience in the evolving cryptocurrency space and we are pleased that Binance chose us for our expertise in this area. The opportunity to design and deliver a bespoke set of services that married Binance’s market leading technology and global process manual with Jersey’s specific regulatory requirements was a challenge that we thoroughly enjoyed meeting.
“We worked closely with Carey Olsen and the Binance team to ensure the Jersey platform launch was a success and we look forward to providing ongoing corporate services to the live exchange as Binance Jersey grows locally and becomes entirely self-sufficient.”
Wei Zhou, Binance CFO, added: “Jersey is clearly open for business in the fintech space, with a strong legal and regulatory framework for companies such as Binance. This attractive jurisdictional platform, combined with JTC and Carey Olsen holding considerable experience and expertise in the area, provided the ideal foundation for an exchange focussed on the two major European currencies.
“We are very pleased to have chosen Jersey as a base for this new and exciting platform, enabling Binance’s global expansion and making cryptocurrency adoption more accessible geographically.”