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January 16, 2019 13: 21 & nbspUTC
| updated:
January 16, 2019 at 13: 21 & nbspUTC
The giant of the cryptocurrency exchange Binance is entering the European markets with the launch of a new platform for fiat-to-cryptocurrency trading, according to a recent press release.
The version describes the launch of a new trading platform, called Binance Jersey. The platform was designed especially for European markets, equipped to manage the fiat-to-crypto exchange of the euro (EUR) and the British pound (GBP) with cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). The platform will start activating in some parts of Europe and the United Kingdom.
After the new regulations have begun to be implemented by governments around the world, most exchanges have imposed a Know-Your-Customer verification before a user can trade in further cryptocurrencies. Binance Jersey is no different, making it mandatory for users to register through a KYC verification, as a result of which they can exchange pairs such as BTC / GBP, ETH / GBP, BTC / EUR and ETH / EUR.
The statement cited the "looming uncertainty about Brexit" as one of the main reasons for the company looking for opportunities for expansion outside the UK, as the values of both the pound sterling and the euro are worrisome.
Binance had signed a Memorandum of Understanding (MoU) with an independent organization representing the digital industries of Jersey, Digital Jersey in June 2018. The collaboration is part of Binance's expansion plans in the British island, in addition to promote the Blockchain industry in the region. Furthermore, cooperation should help Binance discuss compliance with the country's anti-money laundering laws.
Similar to what Binance is doing in anticipation of Brexit, another major cryptocurrency exchange Coinbase has established an office in Dublin in August 2018, according to its "emergency plan" for when the United Kingdom separated from the European Union.
Previously, Binance added USD Coin – the USD listed stablecoin as a listing asset for several new trading pairs in its combined Stablecoin market. This included the native Coin Binance token (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 colleague Stacein Tether.
Debarun Gupta
Debarun is currently pursuing a degree in economics and writing when he is not watching cat videos on YouTube.
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