On January 16, Binance crypto exchange inaugurates a new fiat-to-crypto trading platform in Europe as a part of the company's plans for strengthening positions in Europe.
The new platform Binance Jersey offers trading of the following pairs: BTC-GBP, ETH-GBP, BTC-EUR and ETH-EUR. Notably, the platform requires account verification in line with the KYC policy, after which a user will get access to the exchange services.
As the company spokesperson stated, with the fiat-to-crypto options, European market players may get more trading opportunities especially given an adverse impact coming from the Brexit uncertainties that definitely put pressure on the currencies.
The trading platform is registered on the Jersey island, which is considered to be one of the key places in terms of the blockchain development thanks to its effective legal framework. Thus, Jersey attracts a huge amount of investments from all around the globe.
"The first 5,000 users to register and complete Account Verification (KYC) on www.binance.je will be rewarded with 20 EUR," said the company in the official statement.
Binance CEO noted that the new platform Binance Jersey will run an independent asset. However, as he added, the trading will be based on the technologies applied to the parent company.
For reference, the first step of the business expansion was made back in mid-2018, when it signed a MOU with Digital Jersey. This agreement is said to promote the use of the blockchain in Jersey as well as boosts Binance with additional support regarding AML regulations.