Binance, the world’s largest cryptocurrency exchange in terms of 24-hour trading volume, has announced its expansion into European markets by kick-starting a new platform for fiat to cryptocurrency trading.
The release reveals that Binance is launching a brand new trading platform called Binance Jersey, designed for the purpose of crypto to fiat trading. The trading of Euro (EUR), and British pound (GBP), along with Bitcoin (BTC) and Ethereum (ETH) within Europe and the United Kingdoms can be executed.
Announcement
Wei Zhou, Binance CFO stated:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption.”
The trading process
Trading on the new exchange, Binance Jersey, means pairs such as BTC/GBP, ETH/GBP, BTC/EUR will become available for the users of the exchange after account verification along with the Know Your Customer (KYC) process.
The revelation of this statement highlighted that Binance’s expansion in the European market could provide freedom from looming Brexit uncertainty where the Pound and Euro are also in concern.
In August, major crypto exchange and wallet Coinbase, had reportedly opened an office in Dublin as apart of the contingency plan for when the U.K leaves the European Union.
In June, Binance signed a memorandum of understanding with an independent organization that represents Jersey’s digital industries, Digital Jersey.
Collaboration with Digital Jersey
The collaboration is set to deliver training as part of the organization’s digital skills program with the purpose of promoting blockchain industry in Jersey, as well as support Binance in discussions about compliance with anti-money laundering regulations.
As part of the expansion of its token offering, Binance opened trading of two pairs using Ripple (XRP) as the quote currency last month.
Prior to that, Binance added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ), including native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). Additionally, Binance also added a USDC trading pair with fellow stablecoin Tether.
Also, recently Belarus launched a trading platform that allows users to buy tokenized versions of shares of gold and other traditional assets, reportedly receiving 2,000 registration applications within the first two hours of its launch.
Also, the ABCC crypto exchange announced a partnership with altcoin Tron in order to list tokens based on Tron’s TRC10 technical standard.
Binance has launched the new exchange in Jersey, which is home to a number of crypto ventures including the world’s first regulated Bitcoin fund which dates back to 2014.
