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Binance, the largest exchange of cryptocurrencies in terms of trade volume, has launched a new fiat cryptocurrency platform. The new platform, Binance Jersey, will allow users to exchange cryptocurrencies against GBP and EUR. Available exchange pairs will be ETH / EUR, BTC / EUR, ETH / GBP and BTC / GBP.
Binance said:
"Binance is pleased to announce that Binance's EUR / GBP 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 also available. "
For a while now, Binance has tried to offer fiat couples. Binance users were able to exchange virtual currencies against USDT, BNB, BTC, ETH and XRP only. The new platforms will help users to negotiate cryptocurrencies for UK or Euro pounds.
Binance Jersey should have features similar to those of the regular Binance bag, including withdrawal and deposit of funds.
Binance also said that the first 5,000 users who register and complete the Know Your Customer (KYC) test would get 20 euros as a reward. The KYC test requires users to send identification photos and bank statements and photos of themselves.
Binance's CEO Changpeng Zhao took on Twitter to express his excitement. he tweeted:
"You asked, we listened, and worked hard in the background all this time! #BUIDL"
Commenting on the launch, Wei Zhao, Binance CFO said:
"The expansion of cryptocurrency markets with fiat currencies in the European region is opening up new economic opportunities for Europeans, as well as freedom from the uncertainty of Brexit, where even the pound and the euro are worried "
Currently, Binance offers services to 58 jurisdictions. However, citizens in the United States, China, and other countries where cryptocurrencies have been banned, can not access their services.
Like many in the industry, Binance worked to find ways to continue its business despite the bear market. To stay competitive, Zhao said the company has worked in several jurisdictions such as Malta, the Bahamas and Jersey that offer better regulations for cryptocurrencies and blockchains.
Last year, Binance launched a fiat platform on the encryption platform in Uganda. Users in the region can now perform cryptographic transactions for the Ugandan Shilling.
Note: Tokens on the Bitcoin Core (segwit) chain are called BTC coins. Bitcoin Satoshi Vision (BSV) is today the only implementation of Bitcoin following the original whitepaper of Satoshi Nakamoto for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original Bitcoin vision as fast and frictionless electronic money.
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