Binance, a leading crypto exchange, is expanding its services in the European Markets. The firm is all set to release a new fiat-to-cryptocurrency trading platform.
Based on the latest report, Binance is releasing a new trading platform, known as Binance Jersey built specially for fiat-to-crypto trading of the Euro (EUR) and British Pound (GBP) with digital currencies such as BTC and ETH within Europe and in the UK.
Trading on the latest platform, Binance Jersey will be available with pairs like BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR. Trading will be available to users after they have verified their account as per the KYC process. Binance CFO also claimed that the expansion into the European markets will provide "freedom from the threatening Brexit uncertainty where both, pound and euro are in trouble."
"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.”
Earlier in August 2018, a popular crypto exchange and wallet Coinbase had started an office in Dublin most probably as a part of the contingency plan for when U.K. leaves the European Union.
In June 2018, Binance had signed a MOU with an autonomous organization, portraying the digital industries of Jersey, Digital Jersey.
The partnership has been made in order to provide training as a part of the organization's digital skills program along with the main purpose of promoting blockchain industry in Jersey. Also, Binance is discussing matters regarding compliance with anti-money laundering rules.
The initial stage of expansion is token offering, so Binance launched two trading pairs using XRP as a part of quote asset last month. The exchange firmly assumes that Jersey will play the main role in expanding cypto use in the European market.
Before that, Binance added Circle's USD-pegged stablecoin USD coin as part of quote asset for various latest trading pairs in the combined Stablecoin Market (USD). These trading pairs are added along with latest native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). Moreover, Binance added a USDC trading pair with the stablecoin Tether.
Binance CEO shared on its Official Twitter handle that,
"You asked for it, we listened. AND worked hard in the background for all this time!"
Recently, Belarus released a trading platform which enables users to buy tokenized versions of shared gold and various other traditional assets, most probably getting 2,000 registration application within just 2 hours of its launch.