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Crypto exchange Binance enters European markets with new Jersey-based exchange

Thu, 17 Jan 2019, 04:48 am UTC

Binance, the world’s largest cryptocurrency exchange in terms of 24-hour trading volume, has announced its expansion into European markets with the launch of “Binance Jersey.”

The new exchange will provide secure and reliable fiat-to-cryptocurrency trading of the Euro (EUR) and British Pound (GBP) with Bitcoin and Ethereum in Europe and the U.K. Trading pairs supported on the platform include BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR.

“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.”

Binance has launched the new exchange in Jersey, which is home to a number of crypto ventures including the world’s first regulated Bitcoin fund which dates back to 2014.

Binance partnered with Digital Jersey last year to collaborate on initiatives supporting the island’s growing blockchain ecosystem. It said that Binance Jersey is also a part of the collaborative effort which aims to foster growth, such as developing local banking relationships and local talent.

Binance believes Jersey will be a major driving force of increasing cryptocurrency use in the European market.

“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.”

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