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Binance has carved a name for itself as one of the largest crypto exchanges in the world in terms of daily trading volumes. Its behemoth presence all across the markets that matter has proven that Binance leads by example in terms of innovation of ideas and expertise. But recently Binance announced that it will be shutting off its Jersey-based operations of the subsidiary, Binance Jersey.
The Jersey launch of the Binance platform took place on Jan 15th, 2019 and it was a strategic move by the exchange to expand its markets in the European region. At the launch, the exchange announced that the Binance Jersey operations will allow fiat to cryptocurrency trading for European markets. While at launch, the exchange supported Bitcoin (BTC), Ether (ETH) that will be trading against both Euros as well as the British Pound.
Binance Jersey has been positioned by the parent company as the major driving force in European markets but CoinMarketCap data has reported that the vision with which the operations were initiated never saw any reality. The turnover of the exchange in 24 hours in BTC / EUR and BTC / GBP pairs is about $ 165,000, and the volume of transactions with Binance Coin with the same fiat currencies is slightly more than $ 5,000 which means that Binance coin the native token of the Binance ecosystem has a combined GBP and EUR trading volume of only $5133.
As of now, Binance will limit the deposits in Euros, Pounds, and all the other supported cryptocurrencies on October 30th. Trading will be supported until November 9th and the platform will be shut down on November 30th completely when no users accounts will be accessible by any user.
The exchange has not etched out the exact reason for shutting down operations in Jersey but it said that its main exchange platform Binance.com will continue to offer its services to Jersey citizens with the help of tractable banking channels.
Earlier Binance also began closing its Uganda division. The CEO of Binance explained that the need for it vanished along with the connectivity of the fiat channels to the main platform of Binance. Binance users in Jersey will be able to conduct crypto-fiat transactions through Binance.com payment channels in the future.
About Binance Jersey
Binance Jersey is the extension of Binance that intends to offer a secure platform to launch new tokens and provide the necessary breeding ground for new blockchain projects. The exchange provides secure asset management services with the secure option of trading British Pounds and Euros with cryptocurrencies. Like its parent organization, Binance.com, the Jersey subsidiary is limited in the number of coins to trade. Binance.com’s main purpose of the expanded operations in Jersey was to make the purchase of cryptocurrencies easily using fiat currencies, specifically the euro and the British pounds. At launch, it was branded as a reliable exchange that could process around one and a half million orders per second with an advanced storage technology offering superior security. But it couldn’t live up to its name.