Binance’s cryptocurrency exchange platform has expanded into the European market with its entry into the Island of Jersey, a self-governing dependency of Great Britain. Binance Jersey will allow trading of popular cryptocurrencies bitcoin (BTC) and ether (ETH) against the euro (EUR) and the British pound (GBP).The exchange will launch with four trading pairs, including BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR.In a statement, Wei Zhou, Binance’s chief financial officer, called the island “an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool.”He added: “Binance Jersey hopes to increase Jersey’s competitive advantage in banking from other jurisdictions competing for cryptocurrency-related business as the island’s cryptocurrency regulation allows.”Binance and Digital Jersey first partnered in June 2018, with both companies signing a Memorandum of Understanding (MoU) such that Binance could “develop a compliance base and cryptocurrency exchange in Jersey.” The partnership was also meant to help Binance develop a better understanding of the regulatory and economic environment of Jersey Island, particularly with compliance with anti-money laundering and know-your-customer (KYC) laws.At the time, Binance CEO Changpeng Zhao explained why they chose Jersey as their latest destination. “We have chosen Jersey to be the next big step in our global expansion strategy for its...
