Cryptocurrency exchange giant Binance is entering European markets with the
Cryptocurrency exchange giant Binance is entering European markets with the launch of a new platform for fiat-to-cryptocurrency trading, according to a recent press release.
The release details the launch of a new trading platform, named Binance Jersey. The platform is designed especially with European markets in mind, equipped to handle fiat-to-crypto exchange of the Euro (EUR) and the Great Britain Pound (GBP) with cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). The platform will start off by being active in parts of Europe and the United Kingdom.
After new regulations started to be implemented by governments across the world, most exchanges have mandated a Know-Your-Customer verification before a user can trade in cryptocurrencies any further. Binance Jersey is no different, making it mandatory for users to sign up through a KYC verification, following which they will be allowed to trade in pairs such as BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.
The statement cited the “looming Brexit uncertainty” as one of the primary reasons for the company seeking expansion opportunities out of the UK, as the values of both the Pound and the Euro are in concern.
Binance had signed a Memorandum of Understanding (MoU) with an independent organization that represents Jersey’s digital industries, Digital Jersey in June of 2018. The collaboration is part of Binance’s expansion plans into the British isle, as well as promoting the Blockchain industry in the region. Additionally, the cooperation is supposed to help Binance in discussions about compliance with the country’s anti-money-laundering laws.
Similar to what Binance is doing in anticipation of Brexit, another major cryptocurrency exchange Coinbase established an office in Dublin in August of 2018, reportedly as part of its “contingency plan” for when the UK seceded from the European Union.
Prior to that, Binance added USD Coin – Circle’s USD-pegged stablecoin as a quote asset for several new trading pairs in its combined Stablecoin Market. This included the native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). In addition, Binance also added a USDC trading pair with fellow stablecoin Tether.