Newly-launched Binance Jersey expects to be benefited from the island of Jersey's location, status as well as policies to make a great impact towards crypto adoption in the Europe continent.
Following the launch of Binance’s fiat-to-crypto trading for Euro (EUR) and British Pound (GBP), Binance Jersey (Binance.je) just days ago, the new platform is reported to have received an overwhelming number of registrations.
With its location in the island of Jersey, a self-governing region that’s located between the UK and France, Binance Jersey expects to be able to bridge the crypto-fiat channel for Europe and the UK.
Quoting the company’s CFO, Wei Zhou’s statement, “Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits. It is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool.”
Moreover, he added, “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.”
On the future expectation of the new platform, Zhou said, "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. 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."
Prior to the launching, the world’s biggest crypto exchange by trading volume developed a partnership with Digital Jersey, which started in June 2018, as mentioned on their official website.
Digital Jersey’s CEO, Tony Moretta expressed his excitement towards the new platform, by saying, “I am absolutely delighted with today’s announcement, which follows more than six months of close cooperation between Digital Jersey and Binance. At a time when awareness and use of cryptocurrencies is on the up, to have such a well-respected platform in Jersey, backed by the island’s trusted regulatory framework, sets us up to become a key jurisdiction in this sector.”
He also mentioned his expectation, “We hope Binance Jersey will act as a springboard for even more opportunities in this area in the coming months and years.”
Binance Jersey provides its users with 4 new pairs BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR, which is available for use since the launching date, although subscribers might need to wait for the KYC backlogs to clear up first.