- Binance has announced the launch of its European arm, Binance Jersey
- The arm currently deals in Euro, Pounds, Bitcoin and Ethereum
- Binance joins other firms such as CoinBase that have expanded to Europe
Binance has announced the launch of its European arm, Binance Jersey On January 16, 2019.
The new arm will focus on fiat-to-cryptocurrency trading and will support currencies such as the Pound and Euro, as well as cryptocurrencies Bitcoin and Ethereum.
Trading will be available for users in the UK and Europe and will allow for pairs such as BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR after account verification has been completed.
According to Binance, this new platform will provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
About Binance Jersey
According to the announcement, Binance Jersey will function as an independent arm of the Binance corporation but uses the same base technology as Binance.com
The new arm will be located in Jersey, a British self-governing dependency and is currently hiring new staff.
A number of firms such as Coinbase have opened offices in European countries in the last few months. There is a good reason for this that goes beyond Europe’s population.
Europe has, for the most part, created a stable framework for the blockchain industry to grow.
Some believe that Europe is much more favorable towards blockchain than the United States.
There is also the issue of taxes. While the IRS has been somewhat sluggish in creating comprehensive tax codes for cryptocurrency, European countries such as France and Denmark have taken the creation of crypto tax codes and their enforcement very seriously.
For a cryptocurrency exchange whose customers will have to declare taxes on their gains, knowing that there is a detailed tax code to go by will be a plus.
There is also Brexit to consider. Ever since the controversial Brexit vote in 2016, there has been great talk about how various economies, particularly the British one, will fare.
This climate of uncertainty means that more people will want to tie their funds to a Source that isn’t directly affected by the Brexit outcome and thus, more people will site their funds in crypto rather than fiat currency.