On Wednesday (January 16th), cryptocurrency exchange Binance announced the launch of its newest fiat-to-crypto exchange in Europe. "Binance Jersey" is now online, and supports residents of 58 jurisdictions (not just those in Europe).
This is how Binance announced the news on Twitter:
The island of Jersey, which has a population of around 100,000 and is located near the coast of Normandy France, is officially not part of the UK, but as far as its relationship with the rest of the world is concerned, it is treated as a dependency of the UK.
Binance's announcement on its website said currently four trading pairs are available: BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR:
"Binance is excited to announce that Binance’s EUR/GBP Fiat Exchange, Binance.je, is now online, with trading in BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR trading pairs now open. Registrations, deposits and withdrawals are now also available."
It also provided an incentive for users to complete Account Verification (KYC) soon:
"The first 5,000 users to register and complete Account Verification (KYC) on www.binance.je will be rewarded with 20 EUR."
This is the full list of the 58 jurisdictions supported by Binance Jersey:
It is worth noting that the United States is not one of the supported jurisdictions (but Canada is).
Binance CEO, Changpeng Zhao ("CZ"), reportedly had this to say about today's launch of the new exchange:
"Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits. Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool. Binance Jersey hopes to increase Jersey’s competitive advantage in banking from other jurisdictions competing for cryptocurrency-related business as the island’s cryptocurrency regulation allows.”
Featured Image Courtesy of Binance