Binance.je Exchange Hits The Ground Running
TLDR: Binance.je exchange – brand new Jersey-based fiat exchange allowing GBP and EUR deposits has been hugely popular, leading to sign-up delays. Read More.
CZ, CEO of the world’s largest cryptocurrency exchange took to Twitter this morning, announcing a huge influx of traders to the company’s newly launched Binance.je exchange .
Binance.je exchange is a first for the company, allowing users to deposit, withdraw and trade using both GBP and EUR fiat currencies. Previously Binance was only able to offer cryptocurreny to cryptocurrency trading pairs.
It officially launched yesterday, with a twenty euro reward available for the first five thousand users to sign up.
But as CZ relates, the amount of users combined with the lengthy KYC (Know Your Customer) process the exchange must follow has led to a backlog.
The company has been able to launch a fiat exchange thanks to its new office in Jersey, close to both the UK and rest of Europe which brought 40 jobs to the island. Jersey was selected because of its “clear and pro-crypto investment and regulatory environment”, according to a blog post from CZ at the time.
Binance.je is set to be a major boost to the rapidly growing company, allowing it to compete with existing fiat on-ramps such as Coinbase and Kraken.
The company doesn’t plan to stop here, however. Last month Binance developers showed a video of their upcoming decentralised exchange, which will allow users to trade crypto without handing over their private keys.
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