“Better Fiat Gateways” Is The Reason Why Binance Jersey to Shut Down on Nov 30th: CZ
The news of Binance Jersey shutting down its operations before 2020 was uncovered on Monday.
The announcement came without reason, so Binance CEO Changpeng Zhao took to Twitter to share the why. He tweeted,
“The reason is: better fiat gateways already supported by http://binance.com. No loss of features to users.”
Early in 2019, Binance announced that its Jersey-based subsidiary would allow fiat-to-crypto trading for European markets. Right from the launch, less than two years back, the support was added for top cryptos Bitcoin and Ether against the British pound and euros.
With a trading volume of a mere $210,000 in the past 24 hours, this branch didn’t really accomplish what the leading spot exchange was aiming for – be a “major driving force” in the European markets.
Cointelegraph first reported that the new deposits would be suspended from Oct. 30, and the final shutdown will happen a month later on Nov. 30. While there is still time for user accounts to be inaccessible, trading and withdrawals will be halted much before on Nov. 9.
The primary platform Binance.com meanwhile will continue to offer its services to the citizens of Jersey via “compliant banking channels.”