TBC is pleased to announce a new partnership with Binance – a leading blockchain infrastructure provider. On November 30, 2022, the CEO of Binance, Changpeng Zhao, and the CEO of TBC, Vakhtang Butskhrikidze held a meeting at TBC headquarters in Tbilisi, Georgia to discuss the areas of cooperation between the two organizations as envisaged in the Memorandum of Understanding signed earlier in November.
This partnership connects Binance – the world’s leading cryptocurrency and blockchain infrastructure provider and TBC – a leading financial institution and a top technology company in the region. This makes an unprecedented collaboration in Georgia and the wider region, which will greatly contribute to the development of the virtual asset markets and digital ecosystem in Georgia and the region.
The MOU expressed the mutual interest of Binance and TBC in the development of virtual asset markets in Georgia and the creation of a long-term and sustainable platform for cooperation. As a partner to Binance, TBC Bank will open bank accounts for cryptocurrency exchange operations and provide fiat on/off ramp for Binance in Georgia to enable local users to safely buy/sell cryptocurrency on Binance Georgia exchange platform using the local currency Georgian Lari. TBC Bank and Binance will explore opportunities to issue a co-branded Binance card. Binance, on its part, will consider offering its proprietary crypto Broker API to TBC Bank and its subsidiaries to enable its investment platforms to offer crypto access to customers.
Binance has the most robust compliance program in the industry, including anti—money laundering (AML) principles and global sanctions, as well as tools for the proactive detection of suspicious accounts and fraudulent activity. These tools and compliance programs make Binance a reliable and sustainable partner for TBC to support Georgian customers to trade with cryptocurrency in a safe and secure manner.
CEO of TBC Vakhtang Butskhrikidze commented: “By announcing our partnership today, Binance and TBC have come together to make peoples’ lives easier by enabling them to buy/sell cryptocurrency on the Binance platform using TBC Bank’s acquiring services. I believe, Binance is a responsible global player, which understands the risks of the industry and acts in full compliance with AML/CTF procedures and international sanctions. In addition, it is our intention to create additional value to our users through financial literacy and awareness-raising campaigns. We look forward to our future cooperation, which will greatly benefit the development of the regional virtual asset markets and our customers in the years to come.”