Binance Jersey closes its doors less than two years after launch

All accounts on Binance Jersey will be inaccessible from November 30

Binance Jersey closes its doors less than two years after launchNOTICES
Binance, the world’s largest cryptocurrency exchange, has announced that it will soon close Binance Jersey, its Jersey-based subsidiary.

Binance has launched the platform as part of its expansion plan to enter European markets. On 15 January 2019, the exchange announced that Binance Jersey would enable fiat to crypto currency trading for European traders. At launch, the exchange allowed Bitcoin (BTC) and Ether (ETH) trading against both the euro and pound sterling.

Although the exchange was intended to make Binance Jersey an „important driving force“ in European markets, statistics show that it did not live up to its purpose. According to the latest CoinMarketCap data, Binance Jersey has a daily trading volume of $164,470. The volumes in the BTC/EUR and BTC/GBP trading pairs are $76,597 and $46,974 respectively. Binance Coin, the native token of the Binance ecosystem, has a combined trading volume between GBP and EUR of only $5,133.

On 30 October, Binance will limit new GBP, EUR and all supported cryptocurrency deposits. After the suspension of deposits, the exchange will allow trading and withdrawals of all pairs and currencies until 9 November. The final closure of the platform is scheduled for 30 November, after which all users‘ accounts will be inaccessible.

The exchange did not specify the precise reasons behind the suspension of activity in Jersey, but stated that the main exchange platform „will continue to offer services to Jersey citizens through compliant banking channels“.

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