Binance, the largest exchange or exchange of cryptocurrencies in the world by adjusted trading volume, has launched a new fiat-to-crypto exchange on the island of Jersey, an autonomous British unit.
Through the new exchange, which is aimed at merchants in Europe and the United Kingdom, users will be able to trade bitcoin and ethereum against the British pound and the euro, the firm said on Wednesday.
“Binance selected Jersey because of its highly developed digital infrastructure, its strong regulatory framework and its world-class financial services sector,” Wei Zhou, CFO, told CoinDesk.
In addition, he clarified that Binance Jersey is an independent entity from its parent company Binance.com, a crypto-to-crypto exchange, but that it is built using the same technology.
Binance Jersey is “hiring and will continue to hire” staff for different functions, including compliance, Wei said.
The exchange has been working with the economic development agency backed by the government, Digital Jersey, to develop the exchange, with the aim of creating about 40 jobs on the island.
Binance first became associated with the agency in June 2018. Changpeng Zhao, CEO of Binance, said at the time: “With your local economy based on a major currency (GBP) and its proximity to the United Kingdom and Western Europe, we trust” Cooperationwith Jersey will not only benefit the local economy, but also form a solid operational base for our expansion to the rest of Europe”.
Companies of the system or ecosystem of the cryptocurrencies, go to the nations that can grant, clarity in terms of regulation, it is possible to see new Exchange, in countries friendly to cryptocurrencies, blockchain-bitcoin technology, generates confidence and clarity in all the process of cryptocurrencies. It waits for new announcements.
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