Popular cryptocurrency exchange Binance has launched a euro and pound fiat-to-crypto trading platform in the self-governing dependency Jersey. As per the official announcement, Binance.je, is now online, with dealing in BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading combinations now open
In June 2018, the exchange began a business with Digital Jersey to collude on drives promoting the developing ecosystem in Jersey. Binance Jersey is also a component of a collaborative endeavor to encourage growth on the island, such as creating regional trading alliances and social expertise.
The CEO of Binance, Changpeng Zhao tweeted:
The first 5,000 users to register and achieve Account Verification (KYC) on www.binance.je will be paid with 20 EUR. Binance Jersey will support almost all European countries. The new exchange will also support the following countries outside of Europe:
Argentina, Australia, Brazil, Canada, Chile, Eswatini (formerly Swaziland), Hong Kong, Israel, Jamaica, Japan, Macau, Mauritius, Mexico, New Zealand, Peru, Singapore, South Korea, United Arab Emirates (UAR) and Uruguay.
According to Bitcoin.com,Wei Zhou, Binance 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.”
One of the reasons that Binance started this service in Jersey is because of low taxes. In September 2015, the government of Jersey designed cryptocurrency regulations and constitutionally specified cryptocurrencies as currency. The present anti-money laundering (AML) and counter-terrorist funding (CTF) laws were also developed to incorporate cryptocurrency exchanges. The taxes are low but Binance Jersey fee is very high.
Just a few days ago, Binance had announced that it will launch its own blockchain known as Binance Chain. The new Binance blockchain intends to give a foundation for building new cryptocurrencies and Initial Coin Offering (ICO) tokens.
The largest crypto exchange is launching some revolutionary ideas in the world of cryptocurrencies. Just a few days ago, Binance Uganda had started live trading just a week after allowing preliminary levels like deposits, withdrawal, and user attestation. This was the company’s primary move into developing the cryptocurrency exchange markets for a more comprehensive ecosystem that will include fiat currencies.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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