Binance, the world’s largest cryptocurrency exchange, has launched a new fiat-to-crypto exchange on the island of Jersey as the company eyes Europe.
The platform, Binance Jersey, will let traders invest in cryptocurrencies such as Bitcoin and Ethereum using the euro or the pound.
In a press release, Binance highlighted that an expansion into the European markets could provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
The first 5,000 users to register and complete Account Verification (KYC) will be rewarded with €20, but it seems the incentive combined with the lure of a fiat Binance exchange has caused unprecedented demand.
Jersey has been at the forefront of regulating and encoraging cryto business, as the first jurisdiction in the world to greenlight a fully regulated Bitcoin fund five years ago.
“Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector,” the exchange’s chief financial officer, Wei Zhou, told specialised media outlet CoinDesk.
He further clarified that Binance Jersey is an independent entity from its parent Binance.com, a crypto-to-crypto exchange, but is built using the same technology.
Binance Jersey is “hiring and will continue to hire” staff for different functions, including compliance, Wei said.
In June 2018, Digital Jersey, “a government-backed economic development agency and industry association dedicated to the growth of the digital sector,” signed a memorandum of understanding with Binance. In it, the company agreed to set up a compliant exchange and work with the agency to “deliver training and other initiatives to support the growing blockchain ecosystem in Jersey.”
Residents of 58 jurisdictions, most of them in Europe, can trade on Binance Jersey.