In a press release, the cryptocurrency market’s number one exchange has announced operations in Europe. Binance has announced that they are starting an operation that facilitates fiat-to-crypto transactions in Europe.
Binance is starting a cryptocurrency exchange platform called Binance Jersey. The platform will deal in Great British Pound and Euros.
The platform will facilitate fiat-to-crypto pairs for Bitcoin and Ethereum.
The platform will facilitate GBP/BTC, BTC/GBP and EUR/BTC and BTC/EUR. The announcement was made on the 16th of January in a series of press releases.
Trades and pairs are made based on the KYC process that all individuals and users must give into voluntarily. Following the KYC, all uses and individuals can make pairs.
As a result of their new operations, Binance also released two new pairs that users can make with Ripple’s XRP. Apart from this, Binance also facilitated pairs with USD pegged Tether and others.
Shelter from Brexit
One of the biggest reasons for Binance’s new operations in the region is to shelter the British and European communities from the impending Brexit move.
There is a large level of uncertainty in the cryptocurrency community in these regions because of the United Kingdom leaving the European Union. To make sure that the current political situation does not affect the market, Binance has tied up with the Digital Jersey to bring the cryptocurrency platform into Europe.
Another reason for the collaboration between Binance and Digital Jersey is the integration of the Blockchain technology with the group’s future.
Similar Moves Across Industry
There is a lateral move into the European market at this point being propagated by people and individuals across the industry. The reason this is happening is so that they can shelter the communities in the region from impending instability.
Another cryptocurrency exchange Belarus announced that they, in the first two hours of business, received more than 2000 applications for registry in Europe.
Also ABCC announced a partnership with TRON, in order to supply TRON’s TRC 10 tokens for the region. It seems the cryptocurrency market is compensating for the political instability of the region. How well this works is something that will have to be seen.
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