Binance Sees Massive Uptake Following Jersey Exchange Opening

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Binance Sees Massive Uptake Following Jersey Exchange Opening

It’s only been 24 hours or so since Binance launched their new crypto to fiat trading platform in Jersey. However, there have already been reports of massive uptake, and the price of Binance coin has performed strongly as a result.

It hasn’t even been a day since the launch, which was announced on the Binance site with the following message:

“Binance is excited to announce that Binance’s EUR / GBP Fiat Exchange, Binance.je, is now online, with trading in BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR trading pairs now open. Registrations, deposits and withdrawals are now also available.

The first 5,000 users to register and complete Account Verification (KYC) on binance.je will be rewarded with 20 EUR. Further details on this promotion can be found here.”

In terms of trading volume, Binance is already the world’s largest exchange. But this latest move into Jersey has seen a huge uptake of traders who want to do business between Bitcoin or Ethereum, and the British pound as well as the Euro. Changpeng Zhao, the CEO of Binance, said:

“Binance.je is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy! One thing we do “well” is underestimating ourselves, and the market.”

The partnership with Digital Jersey, which is completely separate from Binance’s main exchange, actually dates back to 2018. At the time, Binance had the aim of developing an exchange and around 40 new jobs.  Zhao said at the time, “With its local economy based on a major currency (GBP), and its close proximity to the U.K. and western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

The sentiments were echoed by CFO Whei Zhou, who explained that “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.”

Off the back of this most recent launch, the Binance Coin has jumped by 6% to $6.28. The idea from Binance, though, is rooted in the fact that trading levels overall are down, and the crypto market has been suffering for well over a year. The ability to trade freely between crypto and fiat has long been seen as a way to reverse the downward trend, and early indications for Binance are certainly positive.

Cryptopia Freeze

inance’s main exchange has also been in the news over the last 24 hours for a completely different reason. The exchange has frozen tokens that appear to have come from the Cryptopia hack, which saw over $3.5 million in cryptocurrency lost. Zhao confirmed the freeze, but was at a loss to explain why the thieves had been so careless as to use Binance. In a tweet, he said, “I don’t understand why the hackers keep sending to Binance. Social media will be pretty fast to report it, and we will freeze it. It’s a high risk maneuver for them.”

Cryptopia remains shut down as the investigation into the recent hack continues.