Binance made an interesting announcement today, opening Fiat deposits and withdrawals for European Union’s currency Euro and Great Britain’s Pound.
The announcement highlights Binance.je which when clicked opens a page titled Binance Jersey. It is named after Jersey, given that the services are headquartered on the island of Jersey which is a British self-governing dependency.
With the EURO and GBP being available through many ways such as debit cards and credit cards, Binance has ensured that crypto permitted countries fall in the jurisdictions. Countries such as China and the United States have not been included in the list.
Binance’s name itself sells. However, it has encouraged further adoption of cryptocurrency with the first 5,000 users to register and complete the KYC to be rewarded 20 EUR.
As of now, the trading pairs are BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR.
Binance has been working on Binance Jersey for a while. It partnered up with Digital Jersey in June 2018 and since then been developing close banking relationships and seeking talented individuals.
Digital Jersey is an initiative supported by Jersey’s government, to encourage technology firms to relocate to the island. It supports the companies with incentives and support in the form of connectivity and other helpful measures which will persuade blockchain and crypto companies to expand into Jersey.
The first time Binance introduced fiat to crypto trading was in Uganda, on October 15th, 2018. It allowed the deposits and withdrawals of Ugandan fiat currency – shillings.
With another fiat to crypto service being provided for another two widely used cryptocurrencies, suggest that Binance has unlocked being successful not only crypto to crypto trading but also fiat to crypto trading. Similar to Binance Jersey, the trading pairs supported are for Bitcoin and Ethereum – BTC/UGX and ETH/UGX
Image Source – Cryptonomist
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