Binance launches a fiat-to-crypto exchange in Europe

Exchanges • January 16, 2019, 7:09AM EST
UPDATED: January 16, 2019, 9:52AM EST
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Binance, the largest crytocurrency exchange by traded volume, announced Wednesday that it is launching a new fiat-to-crypto exchange in Jersey, a self-governing dependency of the United Kingdom. Binance Jersey, which is set up as an independent entity from Binance.com, will let users buy or sell bitcoin and ethereum in British pounds (GBP) and euros (EUR). 

Wei Zhou, Binance CFO, told CoinDesk that the company "selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector.” It is worth noting that Jersey, which retains complete financial and political autonomy, is known as one of the most popular offshore financial centers precisely because it is considered by many as corporate tax haven.

Binance has been working with Digital Jersey, an independent organization that represents and promotes Jersey's digital industries, since June to develop the exchange. Binance Jersey plans to eventually create ~ 40 jobs on the island.

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Larry Cermak profile picture Larry Cermak

Larry joined crypto research full time in early 2017 and has expertise in capital markets, market structure and early stage DeFi companies/protocols and token economics. He has a background in economics and finance.

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