Binance Now Trading Cryptos, EUR and GBP at Jersey-Based Exchange

Binance Now Trading Cryptos, EUR and GBP at Jersey-Based Exchange

Binance is living up to its promise to move further into the crypto-fiat trading market, today opening the doors at a new exchange for the European market. Resident customers will be able to trade BTC and ETH with British pounds (GBP) and euros (EUR) on the platform based in the Channel Island jurisdiction of Jersey.

Also read: How Your Bitcoin Losses in 2018 Could Be a Win… At Tax Time

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More Fiat Ramps Amid Currency Uncertainty

Speaking to back in December 2018, chief financial officer Wei Zhou said it was Binance’s strategy to seek on- and off-ramps between cryptocurrency and the fiat system. The exchange has a goal to sign up “a billion users” or more, and launched its first fiat exchange in Uganda in late 2018. It also plans to open fiat trading in Asia when possible.

In today’s announcement, Zhou repeated his claim that cryptocurrency adoption and use is its main motive. Impending financial confusion over the U.K.’s departure from the European Union (a.k.a. “Brexit”) could provide an opportunity to move into cryptos should the GBP or EUR prove unreliable amid the transition.

“Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits. Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool. Binance Jersey hopes to increase Jersey’s competitive advantage in banking from other jurisdictions competing for cryptocurrency-related business as the island’s cryptocurrency regulation allows.”

Jersey Promotes Digital Growth, Provides Regulatory Sandboxing

Jersey is the largest of the Channel Islands, small autonomous jurisdictions in the English Channel off the coast of France. Though considered “Crown dependencies” they are not officially part of the U.K. or E.U., a legal status that has made them favored destinations for financial services firms, including those dealing in cryptocurrencies.

The local government-supported “Digital Jersey” initiative encourages technology firms to relocate to the island. It promises incentives and support in the form of connectivity, favorable conditions for investment, and regulatory “sandbox” measures that allow startups to experiment on a small scale outside many of the laws that impact larger companies.

Binance formed a partnership with Digital Jersey in June 2018 and has since been building banking relationships and seeking local talent.

Trading pairs for the new exchange include BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR. Binance will enable users to trade on the GBP and EUR Fiat Exchange immediately upon completing the account KYC verification process on www.binance.je. Users can learn more about trading on the Binance GBP and EUR fiat exchange here.

Is Binance’s growth strategy going to work? What do you think? Let us know in the comments.

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