Binance, the largest cryptocurrency exchange by trade volume, has launched a new fiat cryptocurrency exchange. The new platform, Binance Jersey, will allow users to exchange cryptocurrencies against GBP and EUR. The trading pairs available will be ETH/EUR, BTC/EUR, ETH/GBP, and BTC/GBP.
“Binance is excited to announce that Binance’s EUR/GBP Fiat Exchange, Binance.je, is now online, with trading in BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR trading pairs now open. Registrations, deposits, and withdrawals are now also available.”
For some time now, Binance has been trying to offer fiat pairs. Binance users have only been able to trade virtual currencies against, USDT, BNB, BTC, ETH, and XRP. The new platforms will help users’ trade cryptocurrencies for British pounds or Euro.
Binance Jersey should have similar features to that of the regular Binance exchange including withdrawal and deposit of funds.
Binance also stated that the first 5000 users to register and complete the Know Your Customer (KYC) test would get 20 euro as a reward. The KYC test requires users to submit identification and bank statement photos and photos of themselves.
The CEO of Binance, Changpeng Zhao, took to Twitter to express his excitement. He tweeted:
“You asked for it, we listened. AND worked hard in the background for all this time! #BUIDL”
While commentating on the launch, Wei Zhao, Binance CFO stated:
“Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern”
Currently, Binance offers service to 58 jurisdictions. However, citizens in the US, China, and other countries where cryptocurrencies have been banned, cannot access their services.
Like many in the industry, Binance has been working to find ways to continue its operation despite the bear market. To remain competitive, Zhao stated that the company has been working in different jurisdictions such as Malta, Bahamas, and Jersey that offer better regulations for cryptocurrencies and blockchain.
Last year, Binance launched a fiat to crypto trading platform in Uganda. Users in the region can now make crypto transactions for the Ugandan Shilling.
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