As crypto space has entered in 2019, all major crypto exchanges have started mulling new strategies for improvement. This time it is the largest crypto exchange in the world, Binance, which has announced that it is expanding to European markets.
Binance has unveiled through a press release that it has introduced a new fiat-to-crypto exchange on the island of Jersey, a British self-governing dependency situated between England and France. With the exchange’s entry into the region, the U.K users can trade bitcoin and ethereum against the British pound and the euro. The exchange firm is targeting traders in Europe and the U.K, according to Binance.
Binance Jersey, the newly designed trading platform by Binance, will provide Trading of pairs which include ETH/GBP, BTC/EUR, BTC/GBP and ETH/EUR. The trading will be available after account verification in line with the Know Your Customer (KYC) process. Binance emphasized that getting into the European markets could bring “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
Also, the Chief Financial Officer at Binance Wei Zhou said, “Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector.” According to Zhou, Binance Jersey is an independent entity from its parent Binance.com, though it uses the same technology. He added that Binance Jersey is “hiring and will continue to hire” employees for different functions, such as compliance.
Talking more about the launch, Zhou noted, “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.”
In June 2018, Binance had signed a memorandum of understanding with Digital Jersey in order to support the growing ecosystem in Jersey. Also, it was aimed to create around 40 jobs on the island. At the time, Binance CEO Changpeng Zhao stated, “With its local economy based on a major currency (GBP), and its close proximity to the U.K. and western Europe, we are confident the cooperation with Jersey will not only benefit the local economy but also form a strong operational foundation for our expansion into the rest of Europe.”