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Binance Jersey: Everything You Need To Know

ยท 22 Jan 2019 in Guides
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology. https://twitter.com/basil_kimathi

Binance Jersey (Binance.je) is a secure and reliable exchange for trading the British Pound (GBP) and the Euro (EUR) with Bitcoin and Ethereum in the U.K. and Europe. The platform also offers digital asset management services to users around the globe.

In a press release last week, Binance announced that they were entering the European market through the new platform. Binance Jersey will support direct fiat to crypto trading using the euro (EUR) and the British Pound (GBP). With the two currencies, users will be able to trade Bitcoin (BTC) and Ethereum (ETH).

Trading Pairs Offered On Binance Jersey

The platform will allow users to trade with four new pairs including BTC/GBP, ETH/GBP, ETH/EUR, and BTC/EUR after they complete account verification according to the Know Your Customer (KYC) process.

In the press release, Binance noted that expansion to the European markets would provide: 

“Freedom from looming Brexit uncertainty where the pound and euro are also in concern. 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.”

Binance Jersey Features

The new platform offers users a world-class trading experience.

  • It’s fast, secure and reliable.- It boasts industry-leading performance with the ability to process up to 1.4 million transactions per second. It also has a state of the art storage technology that guarantees maximum security.
  • It offers world-class support with 24/7 live customer support and fast KYC processing.
  • It’s user-friendly with an intuitive and easy to use interface.

How To Get Started

  • Go to the official website and register an account after which you will be taken through the KYC process.
  • Deposit assets in either in EUR, GDP, BTC or ETH.
  • Start trading

How Binance Jersey Started

In June 2018 Binance signed a memorandum of understanding (MOU) with Digital Jersey, an independent organization which represents the Island’s digital industries. The collaboration led to the birth of Binance Jersey.

The collaboration will see both Binance and Digital Jersey deliver training through a digital skills program and some other services with the aim of promoting the blockchain in Jersey. It will also support Binance when it comes to negotiations on compliance with AML regulations.

Digital Jersey will also support the crypto exchange when it comes to establishing licensing and banking relations on the ground level.

Digital Jersey has the support of the Island’s Government and the Financial Services Commission when it comes to the development of the blockchain in fintech and also in the growth of local talent.

At the time, Tony Moretta, the CEO of Digital Jersey noted that:

“We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the generally high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills program and support the growth of new startups in this area.”

According to Wei Zhou, the CFO at Binance, the Island of Jersey already has an existing legal and regulatory framework for crypto that allows Binance to fit in perfectly. It’s also a pioneer in the development of the blockchain which is leveraged by its robust framework and talent pool.

By launching in Jersey, the new crypto platform hopes to increase the Island’s competitive advantage within the banking industry among other jurisdictions that are also competing for crypto-related businesses.

The Island of Jersey is not part of the European Union; but it maintains a favorable relationship with the EU through the U.K. However, the island is only regarded as part of the EU for trade in goods.

Also, it has a formal relationship with the United Kingdom that is set out in protocol 3 of the U.K’s 1972 Accession Treaty. The Island has made its intentions clear to the Great Britain of its desire to preserve its relationship with the EU as well as the U.K. after Brexit.

So Jersey serves as a contingency plan after Brexit for Binance. The exchange has followed in the footsteps of Coinbase who opened an office in Dublin last year.

Reception Of Binance Jersey And Binance Coin Price

Registration on the platform began immediately, and according to the CEO, Zhao Changpeng has been overwhelming so far. He adds that “there is a backlog of KYC verifications already.”  However, they have allocated more resources to reduce it.

The launch of Binance Jersey has also had a positive impact on the price of the Binance coin. The BNB jumped over 18 percent following the announcement of the new platform.

Join Now

Binance Jersey is offering some discounted trading as it begins its launch. This is a great way to join the crypto market for Europeans, using one of the largest and most reliable trading platforms in the market. Go to Binance Jersey using this link and check it out for yourself.

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