The new exchange called Binance Jersey will allow users to trade Bitcoin and Ethereum for euros and pounds.
One of the world’s largest crypto exchanges, Binance announced on Wednesday that it is launching a new trading platform in Jersey. Known as Binance Jersey, the crypto exchange will allow users to trade fiat currencies for digital assets.
What Did Binance Say?
On its blog, the crypto exchange noted, “Binance is excited to announce that Binance’s EUR/GBP Fiat Exchange, Binance.je, is now online, with trading in BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs now open. Registrations, deposits and withdrawals are now also available.”
Binance has also announced a promotion for the new exchange. It will offer 20 EUR to the first 5,000 users who register on the exchange and complete their KYC account verification. The promotion will be live from January 16 to January 31.
Why Is Jersey Important for Binance?
Jersey, like Malta, is an island in Europe that is becoming a hub for cryptocurrencies and ICOs. Binance has shown great interest in the island before, partnering with Digital Jersey in June 2018 to work for supporting these initiatives in the region. Binance CFO Wei Zhou noted that Jersey already has a legal and regulatory framework where Binance Jersey platform can fit easily. He went on to call the island an “undisputed pioneer in blockchain development leveraged by this strong framework and talent pool.”
Binance will be working to make the island more competitive compared to other countries in the region, owing to its crypto-friendly regulations. Zhou also noted that that the new crypto to fiat market in Europe will also help in removing the uncertainty brought by BREXIT, claiming that it would open new economic opportunities in the region. He noted that crypto to fiat gap between the UK and Europe could be bridged with the help of Binance Jersey.
The exchange is now open and allowing users to trade Bitcoin and Ethereum against pounds and euros. The fiat trading option will be available as soon as the users verify their accounts.