Binance, the world’s leading cryptocurrency exchange by trading volume, has launched a new platform – Binance Jersey – that allows users to trade in Euros (EUR) and British Pounds (GBP) with Bitcoin (BTC) and Ethereum (ETH), in addition to digital currencies listed on the Binance platform.
The launch of Binance Jersey follows the successful roll-out of Binance Uganda, the first fiat-to-cryptocurrency exchange launched by the company, which has seen significant growth since its debut in October.
Binance CEO Changpeng Zhao said that the launch of Binance Jersey was part of the company’s plan to expand its services to “the world’s major markets”.
“Binance Jersey provides a secure and reliable platform to buy and sell cryptocurrencies with ease. We are delighted to bring our world-class trading platform, with its deep liquidity and low latency, to Europe and the UK.”
Binance Jersey uses the same technology as the Binance platform, which is built on top of an elastic multi-stage architecture that can handle more than 1.4 million orders per second.
The exchange is also fully compliant with know-your-customer (KYC) and anti-money laundering (AML) regulations.
To use the platform, users will need to complete a KYC process, which includes providing their name, date of birth, nationality, residential address and a copy of their passport or other government-issued ID. Once KYC is complete, users will be able to deposit EUR or GBP into their account using a SEPA bank transfer or SWIFT.
Deposits are free of charge and are credited to your account within one to three business days.
Once you have EUR or GBP in your account, you can then convert it into BTC or ETH, or any of the other digital currencies listed on Binance Jersey. The platform uses a “maker-taker” fee model, with fees ranging from 0.1% to 0.
2%. Withdrawals are also free of charge and are processed within one to three business days.
Binance Jersey is currently available in more than 30 countries across Europe and the UK, including France, Germany, Spain, Italy and Portugal. The exchange plans to expand its services to more countries in the future.
So far there has been a great deal of interest in Binance Jersey from both individuals and institutions alike. Zhao said that he expects “strong demand” for the platform from both groUPS as they look to take advantage of its “competitive pricing” and “institutional grade liquidity”.
It is still early days for Binance Jersey but it is already off to a promising start. The exchange provides a much needed fiat-to-cryptocurrency gateway for European and UK users and its launch is a sign that Binance is serious about expanding its operations into new markets.
With its strong technology foundation and commitment to compliance, Binance Jersey is well positioned to capitalise on the growing interest in cryptocurrency trading in Europe and beyond.