Binance launches Binance Jersey, a new exchange on which it will be possible to trade crypto for fiat currencies such as the euros and pounds sterling. The target is the European market.
The launch was announced today, January 16th, 2019, and the trading platform is already active.
For the time being, there are only four trading pairs, namely BTC for euros and pounds, and ETH for euros and pounds, and it is only available for customers in the European Union and Great Britain.
A KYC procedure is required to trade fiat currencies.
The island of Jersey is not new to host initiatives related to the crypto world, so much so that, in 2014, it has also given rise to the first regulated Bitcoin fund in the world.
Wei Zhou, Binance’s CFO, said:
“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”.
Zhou also added that Jersey has a legal and regulatory framework for cryptocurrencies that has been easy to adapt to and Binance Jersey is part of a roadmap to increase Jersey’s competitive advantage in the banking sector in the crypto world.
As early as June 2018, Binance had developed a partnership with Digital Jersey to collaborate on initiatives to support the island’s growing blockchain ecosystem and Binance Jersey is part of this cooperative effort to promote growth in this sector on the island.