Binance enters European market with Binance Jersey
Binance, a very big name in the world of crypto exchange is extending its services to customers in Europe. The company set up a fiat-to-crypto exchange in the island of Jersey, which is located between England and France.
The company was founded in 2017 and is based in China. It is considered the biggest cryptocurrency exchange in the world in terms of trading volume as of 2018. Binance Jersey enables customers in Europe and UK to trade in Euro and pound for Bitcoin and Etherium and plans to expand to new currencies in near future. Customers will be able to access the services once they complete all the required protocols like Know your customer verification(KYC).
Wei Zhou, Binance CFO was quoted as saying,
“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 UK as part of our global expansion to support broader cryptocurrency adoption.”
Jersey has seen many crypto companies opening their offices here, GABI a regulated bitcoin fund started its operations here in the year 2014.
Wei Zhou said to Coindesk that ”Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector.”
The company has been collaborating with a government-backed firm, Digital Jersey to train and recruit staff for its new office. It plans to create 40 odd jobs in its new office and also simultaneously promote blockchain technology.
Many crypto exchanges which are presently operating in Europe with offices in the UK are considering to open alternate offices in other major European cities due to the political issue of Brexit which they fear might affect their business in Europe. Coinbase a major crypto exchange and wallet, opened an office in Dublin last August in order to keep the business running smoothly.
Binance currently offers the exchange of many crypto coins,
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