Victor Ugochukwu · Dec 14, 2020 . 5min read
Euro focused Binance Jersey to shut down operations
Amidst operational inefficiencies, Binance Jersey plans to shut down its operations by the end of November.
By Victor Ugochukwu · Oct 20, 2020 . 5min read
The recent news making rounds is that Binance Jersey after operating for about two years will shut down its operations by the end of November. The exchange was established in January last year to focus exclusively on the sophisticated European market known for its strict regulatory policies.
According to Coindesk, the Binance team made this shocking development known to them, and by November 30, all accounts on the platform will become inaccessible. Consequently, in a move to start the shuttering process, it will disable deposits from October 30.
It appears this move does not stem from any regulatory imbroglio but advancement in operational capacity from the parent Binance.com. The parent body of Binance Jersey now allows traders to deposit GBP via the U.K.’s Faster Payments scheme. Binance.com also allows for the deposits and withdrawal of the Euro. In both currency cases, traders can also trade against them. Hence, the improvement on the major platform has therefore
“extinguished the rationale for Binance Jersey as a distinct exchange.”
Binance has morphed into a monster exchange barely three years of the establishment after a successful but obscured ICO. Binance cryptocurrency exchange continues to expand support for fiat on-ramp for several currencies. Currently, according to currencies displayed on its website, it supports about 55 local currencies. British Pound (GBP) and Eurozone’s Euro obviously as well as Korean Won (KRW). It has also deepened its position in the African continent with fiat on-ramp support for Nigeria’s naira, Ugandan Shilling and even South Africa’s Rand.
While Binance Jersey shuts down, Binance US keeps growing.
Although Binance Jersey is shuttering due to increased functional capacity of the parent platform, its US counterpart has expanded. Binance US in August expanded into Florida giving it access to at least 12 million eligible traders. Catherine Coley, the CEO of Binance US even though excited about Florida, still has her for the big states. New York is one of such states. And getting that will be a significant milestone for Binance US. As this will help solidify the exchange position in the US against Coinbase, a major competition.
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