Binnace, which is a very big name in the world of blockchain and cryptocurrency is now extending its services to the customers in India. The company is also set up a fiat to crypto exchange in the island of Jersey, which is located between France and England.
The company was founded in the year 2017 and is based out of China. It is also considered to be as the biggest cryptocurrency exchange across the globe in term of trading volume as of 2018. Binnace Jersey enables the customers in the UK and Europe to trade in the pound and Euro for the Ethereum and Bitcoin and also plans to expand to new currencies in the near future as well. Customer will be able to access the services once they complete all the new required protocols like the Know Your Customer Verification(KYC).
Wei Zhou, Binance CFO was quoted as saying,
“Expanding the cryptocurrency exchange markets with some of the fiat currencies in the European region is now coming up with the new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in major and significant concern. With the help of a Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the UK as part of our global expansion to support the adoption of the broader cryptocurrency adoption.”
Jersey has also seen many of the crypto exchanges opening their offices, GABI a regulated bitcoin fund started its operations in the year 2014. Wei Zhou said to Coindesk that” Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector.”
The company has been integrating with the government-backed firm, Digital Jersey to recruit and train staff for its new office. It also has plans to create 40 odd jobs in its new office and also to promote the Blockchain technology simultaneously.
Many of the crypto exchanges which are presently operating in Europe with its offices located in the UK are considering to open the alternate offices in the other major European cities due to the political issue of the Brexit which they also fear might affect their business in Europe. Coinbase which is also a significant crypto exchange and wallet has also opened an office in the Dublin last August in order to keep the business running smoothly and gradually.