Binance Opens Fiat-Crypto Exchange in Jersey

The new exchange will work as an independent entity from its parent

Binance, the largest crypto exchange in terms of trading volume, has made its European debut with the launch of a Jersey-based subsidiary – Binance Jersey.

The new trading platform is already online and will provide fiat-to-crypto trading options to its clients. In the initial phase, the exchange has already listed four fiat-based trading pairs – BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.

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“Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector,” Wei Zhou, CFO of Binance, told Coindesk.

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Though the largest crypto exchange, Binance, is extensively offering crypto-based trading pairs against BTC, ETH, and BNB. The exchange, however, listed many coins against dollar-pegged stablecoins like USDT, Pax, and USDC.

Binance Jersey has currently added support for 58 jurisdictions, however, United States-based traders are not allowed to register for the new exchange, at least for now.

Expansion Goals

Although crypto market tanked significantly last year, Binance is not shy to push for global expansion. In June 2018, Binance signed a memorandum of understanding with Digital Jersey, a Jersey-based organization representing the blockchain firms, hinting a move towards the Channel island. The exchange also launched Binance Uganda to offer African crypto enthusiasts with fiat-crypto trading.

As Finance Magnates reported earlier, Binance is also testing a fiat currency exchange in Singapore.

The exchange is on a hiring spree and is adding staffs to its compliance team to handle the global regulatory requirements.

Binance is not the only exchange eyeing a European expansion, as the United States’ leading exchange Coinbase has already opened an office in Dublin.

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