Binance has expanded to the European markets with the launch of new platform for fiat-to-crypto trading of euros and pounds.
Major cryptocurrency exchange Binance is expanding to European markets with the launch of a new platform for fiat-to-cryptocurrency trading, according to a press release shared with Cointelegraph on Jan. 16.
According to the release, Binance is launching a new trading platform, dubbed Binance Jersey, designed for fiat-to-crypto trading of the euro (EUR) and British pound (GBP) with Bitcoin (BTC) and Ethereum (ETH) within Europe and the United Kingdom.
Trading on Binance Jersey — including such pairs as BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR — will become available for the exchange’s users after account verification in accordance with the Know Your Customer (KYC) process.
In the press release, Binance highlighted that an expansion into the European markets could provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
In August, major crypto exchange and wallet Coinbase had opened an office in Dublin as reportedly part of a contingency plan for when the U.K. leaves the European Union.
Back in June, Binance had signed a memorandum of understanding with an independent organization that represents Jersey’s digital industries, Digital Jersey.
The collaboration is set to deliver training as part of the organization’s digital skills program with the purpose of promoting the blockchain industry in Jersey, as well as support Binance in discussions about compliance with anti-money laundering regulations.
As part of the expansion of its token offering, Binance opened trading of two pairs using Ripple (XRP) as the quote currency last month.
Prior to that, Binance added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ), including native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). In addition, Binance also added a USDC trading pair with fellow stablecoin Tether.
Yesterday, Belarus launched a trading platform that allows users to buy tokenized versions of shares of gold and other traditional assets, reportedly receiving 2,000 registration applications within the first two hours of its launch.
Also yesterday, the ABCC crypto exchange announced a partnership with altcoin Tron in order to list tokens based on Tron’s TRC10 technical standard.