Crypto Exchange Binance Launches Fiat-To-Crypto Trading Platform In Europe

Announcements, News | January 17, 2019 By:

Crypto exchange Binance has launched a new platform for fiat-to-crypto trading on the island of Jersey, a self-governing British crown dependency located near the coast of Normandy, France.

Dubbed Binance Jersey, the fiat-to-crypto trading platform will provide secure and reliable trading of the euro (EUR) and British Pound (GBP) with bitcoin and ethereum in Europe and the UK. Trading pairs, which include BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR, will be available for the platform’s users after completing account verification and know your customer (KYC) process.

Binance CFO Wei Zhou said that expanding the crypto 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 U.K. as part of our global expansion to support broader cryptocurrency adoption,” Zhou said.

In June 2018, Binance partnered with Digital Jersey, an economic development association which aims to establish the island as an “internationally recognized center of digital excellence,” to collaborate on initiatives supporting the island of Jersey’s growing blockchain ecosystem. Digital Jersey helped Binance in discussions about compliance with anti money laundering (AML) regulations. It also assisted the exchange in establishing licensing and banking relations on a local level.

“Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits,” said Zhou. “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.”