9 Oct, 2019

Crypto exchange Binance is expanding to Jersey

After Malta, Binance will now be expanding to another European nation, Jersey. The country has signed a memorandum with the world’s largest cryptocurrency exchange, Binance. Binance had a trade volume of more than $1.56 Billion in the last 24 hours. Binance will develop a compliance base and cryptocurrency exchange in Jersey. Jersey will also consult Binance in discussions on compliance with anti-money-laundering regulations, and to establish exchange licensing and local banking relationships.

It is also set to create nearly 40 jobs in Jersey and benefit the local economy. Tony Moretta, CEO of Digital Jersey said:

“Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015. We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”

Binance Foundation will provide training and other support for Jersey’s blockchain startups in addition to directing a part of the $1 Billion fund the exchange set up to be invested in startups. Changpeng Zhao, CEO of Binance said:

“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

A few months back, Binance announced their expansion to Malta and just this week, they revealed that the move was to offer Crypto-Fiat trading pairs starting with Euro/Bitcoin. Binance has also partnered with Bermuda for development of blockchain education and local startups.