Binance, the number one cryptocurrency exchange by daily trading volumes, has rolled out a new fiat-to-crypto exchange in Jersey. The newly launched exchange debuts with four trading pairs (BTC/GBP, BTC/EUR, ETH/GBP, and ETH/EUR).
Snubbing the US
The recently launched exchange supports 58 countries from the get-go. Noticeably, it misses out the US, the biggest cryptocurrency market in the world, despite the fact that all other Anglo-Saxon countries made an appearance on the list. The good news is that the Binance Jersey exchange will support almost all European markets along with major Asian markets (Japan, South Korea, Hong Kong).
In order to get more people on board, #Binance offers the first 5,000 users 20 EUR for simply completing KYC.
It’s not surprising that Binance has decided to settle in Jersey given that the UK self-governing arm is considered to be a tax haven. Binance’s Zhou Wei earlier explained that Jersey is supposed to be the startup’s springboard for global expansion, with GBP as a major currency and close ties to the UK being among the main reasons behind this decision.