Binance Jersey Opens, Targeting European Markets With EUR and GBP Exchange
Binance has recently announced on its blog that it is launching a new EUR/GBP fiat exchange in an effort to get closer to the European markets. Binance.je is already online and it has four trading pairs so far: BTC/GBP, BTC/ EUR, ETH/GBP and ETH/EUR. Users can already deposit and withdraw fiat currency using the platform.
According to the company, the first 5,000 people who register and complete the process of verification will receive 20 EUR in credits after being whitelisted.
The new platform of the world’s largest crypto exchange will be set on the island of Jersey, which is a British dependency but it is self-governed. This will help the company to trade tokens against important fiat currencies of Europe.
Jersey was selected, according to Wei Zhou, the company’s Chief Financial Officer, because it has a highly developed digital infrastructure and the regulatory framework that the company needed to get started.
— Binance (@binance) January 16, 2019
According to Zhou, Binance will be an independent entity at the same time that it will use the same technology as Binance.com. The exchange will create around 40 jobs on the island, so the initiative has been backed by the government’s agency, Digital Jersey.
Binance first partnered with Digital Jersey in June 2018 to boost the local economy and create a strong operational base for Binance, which is now eyeing Europe for expansion. Another reason to choose Jersey was because it could free the company from any looming dangers from the Brexit, which may happen soon.
The company has agreed to promote the blockchain industry in Jersey, which has promised to support Binance in discussions of compliance.
In related news, the ABCC crypto exchange has recently decided to partner with Tron to list tokens using TRC10’s token and the country of Belarus has launched a platform that sells tokenized versions of shares of traditional assets. Follow our blog for similar stories.