Binance Opens Fiat-Crypto Exchange in Jersey
- The new exchange will work as an independent entity from its parent Binance.com.
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.
https://twitter.com/cz_binance/status/1085465924323356672
“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.
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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term 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.
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.
https://twitter.com/cz_binance/status/1085465924323356672
“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.
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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term 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.