The Premier said last night that an announcement by cryptocurrency exchange company Binance that it had struck a deal with Jersey was consistent with the firm’s global strategy.

The move came after Bermuda signed a memorandum of understanding with Binance in April with a view to creating a cryptocurrency industry on the island.

David Burt said: “The execution of a memorandum of understanding between Binance and Jersey is consistent with Binance’s stated goals of positioning the company on the global stage.

The Jersey Evening Post reported that the deal could pump millions into the largest of the Channel Islands — the same claim made about Bermuda’s own deal.

Mr Burt said: “As Binance said, ‘We have chosen Jersey to be the next big step in our global expansion strategy’.

“The important thing for Bermuda is that we were the first — others are following our lead.

“The Government of Bermuda continues to work with them to ensure that the undertakings set out in the MOU signed with the Government of Bermuda are fulfilled.

“Bermuda’s lead may well be followed by other jurisdictions and this makes it all the more important for us to continue to provide the sound regulatory and compliance framework in place to stay at the head of these global developments.”