Binance Jersey Shuts Down Because the Main Exchange Is Better
Binance Jersey is shutting down because of the evolution in Binance Global. Deposits will be disabled by Oct 30. All trading activities and services will cease on Nov 9. By Nov 30, all accounts will be inaccessible as the branch officially exits less than two years in operation as per a press release on Oct 20.
The Binance Global Evolution and Shutting down of Binance Jersey
The global exchange said the decision is because the primary ramp now supports GBP and Euro deposits via Faster Payments and SEPA, respectively.
Besides, clients can directly buy crypto via their credit or debit cards. Also, the exchange supports several EUR and GBP pairs, therefore “extinguishing the rationale for Binance Jersey as a distinct exchange.”
The Binance subsidiary was launched in early January 2019.
According to a press release, it provided secure and reliable fiat-to-crypto trading of the Euro and the British Pound (GBP) with BTC, BCH, LTC, BNB, and ETH in Europe and the United Kingdom.
The exchange, Binance added, would benefit the wider European community.
Specifically, it would provide “freedom from looming Brexit uncertainty” while being the most convenient way for people searching to buy or sell cryptocurrencies using supported fiat.
Binance positioned its Jersey subsidiary as a reliable fiat-to-crypto channel, strategic for its global expansion.
Binance Jersey Low Trading Volumes
It is not yet clear whether Binance Jersey faces legal challenges or liquidity troubles.
Data from coin trackers show that the exchange drew daily average trading volumes of less than $1 million.
During its launch, a Binance executive said the existing regulatory framework on the island was suitable, advising the exchange’s entry and launch of the fiat ramp.
Wei Zhou, the Binance CFO, said:
“Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool. 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.”
Earlier, BTCManager reported that Coinbase had 3X the amount of ETH in Binance. This was at the height of the DeFi where coins were purchased in droves for better rewards in different open finance protocols.
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