Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has launched a new fiat-to-crypto exchange on the island of Jersey, a British self-governing dependency.
Through the new exchange, which is targeting traders in Europe and the U.K, users will be able to trade bitcoin and ethereum against the British pound and the euro, the firm said Wednesday.
“Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector,” the exchange’s chief financial officer, Wei Zhou, told CoinDesk.
He further clarified that Binance Jersey is an independent entity from its parent Binance.com, a crypto-to-crypto exchange, but is built using the same technology.
Binance Jersey is “hiring and will continue to hire” staff for different functions, including compliance, Wei said.
The exchange has been working with government-backed economic development agency Digital Jersey to develop the exchange, with the aim being to create around 40 jobs on the island.
Binance first partnered with the agency in June 2018. Changpeng Zhao, Binance CEO had said at the time, “With its local economy based on a major currency (GBP), and its close proximity to the U.K. 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.”
Changpeng Zhao image via CoinDesk archives
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.