European and British investors looking for a gateway to covert their fiat into cryptocurrency have just gotten another venue to trade on. Popular digital exchange Binance has launched a euro and pound fiat-to-crypto trading platform in the British Crown dependency of Jersey.
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Bridging the Crypto-Fiat Channel
Malta-based cryptocurrency exchange Binance announced on Jan. 16 the official launch of Binance Jersey (Binance.je), a fiat-to-cryptocurrency platform for trading the euro (EUR) and British pound (GBP) with cryptos in Europe and the U.K. Trading pairs for the new exchange include BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR. Users will have to pass account verification procedures (KYC) to trade on the new GBP and EUR fiat exchange.
“Expanding the cryptocurrency 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,” said Wei Zhou, Binance CFO. “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.”
The Other European Crypto Hub
Similarly to Malta, Jersey has taken advantage of the slow pace larger European countries are taking to regulate the market, and established itself as an offshore hub for cryptocurrency ventures as well as ICOs. For this reason, Binance believes that Jersey will be a major driving force for increasing cryptocurrency use in the European market.
In June 2018, the exchange developed a partnership with Digital Jersey to collaborate on initiatives supporting the growing ecosystem in Jersey. Binance Jersey is also part of a cooperative effort to promote growth on the island, such as developing local banking relationships and local talent.
“Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits,” said Zhou. “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.”
What do you think about this new fiat-to-crypto offering? Share your thoughts in the comments section below.
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