Binance Jersey, which is the new fiat to crypto service provided by crypto exchange Binance has grown in wild demand. The cryptocurrency service giant did not expect the growing demand from the UK which mainly was due to UK’s rethinking of exiting the European Union.
The CEO of Binance, Changpeng Zhao, took to Twitter to elaborate on the massive demand in Binance Jersey.
https://t.co/THxfdd3RD2 is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy!
— CZ Binance (@cz_binance) January 17, 2019
As per the Tweet, he has assured that the KYC verifications will be speeded up by the deployment of additional resources.
There was a 20 EURO bonus for the first 5,000 participants, and a massive round of excitement doing the rounds ever since Binance Jersey has been announced. It allowed for a EURO and GBP deposit hence bridging the gap between major European fiat currencies to the cryptocurrency market.
Jersey was chosen as the headquarters of Binance Jersey given it’s encouraging and affirmative cryptocurrency regulations.
Usually, at junctions of political instability and decisions about a country’s role, the fiat currency could fall tremendously in value. Thus UK citizens have found a safe haven by investing their Great Britain Pounds (GBP) in Binance Jersey for Bitcoin or Ethereum.
Bitcoin and Ethereum are currently low in value compared to their all-time highs, and so it is much more favorable for the British to keep their holdings in these major cryptocurrencies.
As a result of Binance Jersey’s massive demand, Binance’s native coin Binance Coin (BNB) has risen by 4.61% in the last 24 hours. At the time of writing BNB is ranked at 13th position, valued at $6.44 and has a market capitalization of $832,096,333.
Binance has only been in the crypto space for 18 months. However, it has outpaced several exchanges and has already grown itself to become a conglomerate of various cryptocurrency services.
Image Source – PixaBay
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