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.
As U.Today reported earlier, Binance CEO Changpeng Zhao announced his plans to open up to ten fiat-to-crypto exchanges ‘on every continent.’ The first crypto-fiat trading platform went live in Uganda on Oct 24.
Binance has been cozying up to the Ripple community even since making XRP one its base pairs, so why not ask for more? XRP/GBP, XRP/EUR pairs were among the top requests on Twitter.
any plans to add XRP/GBP, XRP/EUR pairs?— d_r (@ResearchDenario) January 16, 2019
Some users also complained about expensive withdrawal fees and lack of support for US customers. Hence, Brian Armstrong can sleep well tonight, even thought CZ earlier said that there was no bad blood between Binance and Coinbase.