Binance Launches Fiat-to-Crypto Exchange

Binance has launched a new fiat-to-crypto exchange on the island of Jersey, a British self-governing dependency.

Through the new exchange, users will be able to trade Bitcoin and Ethereum against the British Pound and the Euro.

🔥 Register here: https://www.binance.je/?ref=35021938 🔥

“Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector,”

the exchange’s chief financial officer, Wei Zhou, told CoinDesk.

He further clarified that Binance Jersey is an independent entity from its parent Binance.com, a crypto-to-crypto exchange, but is built using the same technology.

Binance Jersey is

“hiring and will continue to hire”

staff for different functions, including compliance, Wei said.

The exchange has been working with government-backed economic development agency Digital Jersey to develop the exchange, with the aim being to create around 40 jobs on the island.

Binance first partnered with the agency in June 2018. Changpeng Zhao, Binance CEO had said at the time,

“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.”

Major cryptocurrency exchange Binance is expanding to European markets with the launch of a new platform for fiat-to-cryptocurrency trading, according to a press release shared with Cointelegraph on Jan. 16.

According to the release, Binance is launching a new trading platform, dubbed Binance Jersey, designed for fiat-to-crypto trading of the euro (EUR) and British pound (GBP) with Bitcoin (BTC) and Ethereum (ETH) within Europe and the United Kingdom.

Trading on Binance Jersey — including such pairs as BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR — will become available for the exchange’s users after account verification in accordance with the Know Your Customer (KYC) process.

In the press release, Binance highlighted that an expansion into the European markets could provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”

In August, major crypto exchange and wallet Coinbase had opened an office in Dublin as reportedly part of a contingency plan for when the U.K. leaves the European Union.

Back in June, Binance had signed a memorandum of understanding with an independent organization that represents Jersey’s digital industries, Digital Jersey.

The collaboration is set to deliver training as part of the organization’s digital skills program with the purpose of promoting the blockchain industry in Jersey, as well as support Binance in discussions about compliance with anti-money laundering regulations.

As part of the expansion of its token offering, Binance opened trading of two pairs using Ripple (XRP) as the quote currency last month.

Prior to that, Binance added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ), including native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). In addition, Binance also added a USDC trading pair with fellow stablecoin Tether.

Yesterday, Belarus launched a trading platform that allows users to buy tokenized versions of shares of gold and other traditional assets, reportedly receiving 2,000 registration applications within the first two hours of its launch.

Also yesterday, the ABCC crypto exchange announced a partnership with altcoin Tron in order to list tokens based on Tron’s TRC10 technical standard.

Sources:

https://cryptoliveleak.org/binance-launches-fiat-to-crypto-exchange/

https://cointelegraph.com/news/crypto-exchange-binance-enters-european-markets-launches-binance-jersey

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