Binance, the biggest cryptocurrency exchange platform by trading volume, is closing its dedicated Jersey branch.
- In an announcement provided to CoinDesk on Monday, Binance said all deposits to the local platform will be disabled on Oct. 30, and trading and other services will cease on Nov. 9.
- A hard shutdown, expected Nov. 30, will see all accounts become inaccessible.
- Launched in January 2019, Binance Jersey provides a fiat-to-crypto exchange for users trading with euros and UK pounds against a limited choice of crypto assets.
- Binance said its global service, Binance.com, now offers GBP deposits via the U.K.'s Faster Payments scheme, as well as SEPA payments for the euro. It also offers trading pairs against both currencies.
- As such, the company said, the growth of services on Binance.com has "extinguished the rationale for Binance Jersey as a distinct exchange."
- Binance still maintains other local arms, including the recently launched Turkey division and others in nations such as Uganda.
- A U.K. institutional exchange is set to launch sometime this year, the firm has previously confirmed.
- A Binance spokesperson couldn't comment on the progress of the U.K. arm when asked by CoinDesk.
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.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.