Binance Opens Office in Jersey as a Part of its Global Expansion
Binance has decided to open up another headquarters in the Channel Islands, it will give more flexibility in the UK and central European markets. Recently, Binance has also opened up a headquarter in Malta.
Binance has set up headquarters in Jersey, which is one of the Crown Dependencies that comprise the Channel Islands between the UK and France.
Binance CEO Zhao Changpeng said,
“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, 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”
Since the 1950s the island has provided the wealthy businesses privacy to their accounts, this is surely the reason Binance is attracted towards Jersey.
The nation does not have any inheritance tax and also has very highly favorable tax conditions for the businesses that want to set up their financial accounts there. Here Binance will have to pay just 10 percent tax on its income which the company would take with both hands as it is much favorable than elsewhere in Europe.
One of the motivations which Changpeng hinted was that Binance would be able to offer GBP pairs, very similar to how its move to Malta allowed it to introduce crypto-to-fiat transactions with the help of Euro.
This could also the reason behind OKEx’s move to Malta.
Now we can conclude one thing for sure from these is that if you want to attract massive cryptocurrency operators in your country then you must have a favorable fiat currency, offer strong financial privacy, and be relatively light on taxation.
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