Binance has launched a fiat-to-crypto exchange on the island of Jersey, a self-governing dependency of the United Kingdom.
Binance Jersey will target those in the UK and Europe, for the first time offering Binance users a way to purchase bitcoin and ethereum with fiat currency (via pound sterling or euros). The new exchange is entirely separate from the original Binance exchange but it will feel familiar to any current users.
Binance is the world’s largest cryptocurrency exchange by volume but currently only facilitates crypto-to-crypto trades. The new Binance Jersey platform will use the same technology to open up channels for fiat pairs.
As is customary for almost any fiat-to-crypto exchange, registering on Binance Jersey requires a Know Your Customer (KYC) identity check before your account is verified.
Much like Malta, the jurisdiction of Jersey has welcomed cryptocurrency and blockchain projects. The island’s regulator, Jersey Financial Services Commission (JFSC), has previously approved the world’s first bitcoin investment fund as well as offering clarity on initial coin offerings (ICOs) and crypto exchange operations.
Further reading: Best Cryptocurrency Exchanges in 2019 (The Most Comprehensive Guide)