Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is expanding its operations to Europe.
The Malta-based company announced on Tuesday that it had set up an entity called Binance Jersey, which will offer “fiat-to-cryptocurrency trading pairs, including the EUR/GBP pair”. The move will allow Binance to offer its services to European customers while complying with the region’s regulations.
Binance CEO Zhao Changpeng said in a statement that the company decided to expand to Europe because “the European market has always been one of our key priorities since we launched our exchange”.
“We are excited to bring our world-class trading platform and experience to Europe,” he added.
NOTE: This is an important question to consider when considering whether or not to use Binance in Europe. While Binance does offer services in some European countries, it is important to note that its availability may be limited in certain areas and may not be available in all regions. Additionally, it is important to note that Binance’s services may be subject to different regulatory regimes, depending on the country in which it operates. As such, it is essential to research the laws and regulations of the specific country you are interested in using Binance before making a decision.
Binance Jersey will be operated by a Jersey-registered subsidiary of Binance.com, and will be “subject to the regulatory framework established by the Jersey Financial Services Commission”.
The exchange will allow customers to deposit euros and pounds sterling using SEPA and International Bank Transfers, and trade cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH). withdrawals will also be possible in both fiat currencies.
Binance said that it had chosen Jersey as its base for its “legal and regulatory clarity as well as its international reputation”. The island is a British Crown dependency but is not part of the UK, and has its own financial regulator.
The launch of Binance Jersey comes just a week after another major cryptocurrency exchange, Coinbase, announced that it was expanding its operations to 11 new countries in Europe.
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