Binance Opens Fiat-Crypto Exchange in Jersey

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.

The new Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term is already online and will provide fiat-to-crypto trading options to its clients. In the initial phase, the exchange has already listed four fiat-based trading pairs - BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.

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 tamp 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 tamp 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.