Binance Jersey crypto-fiat exchange is closed permanently.
After less than two years of operation, Binance decides to close its branch in Jersey. Binance Jersey was launched as part of a project to expand the stock exchange into Europe in early 2019. Subsidiary Binance opened trading to European customers publicly on January 16, 2019, offering crypto to fiat trading. First, trading pairs were launched for bitcoin (BTC) and Ethereum (ETH) with euro and pound, after which a few new assets such as Litecoin (LTC) or bitcoin Cash (BCH) were added. The exchange's goal was to position Binance Jersey as one of the main engines of cryptocurrency trading in Europe. However, this goal has not been achieved from the beginning, with very weak trading volumes and little user influx. Currently, the stock market has few pairs and we can see that even some of them have not had any movement for a long time. Due to low turnover and volume, the stock exchange decided to close it permanently on November 30. Fiat deposits and cryptocurrencies will close on October 30, and withdrawals, trading on the platform will be available until November 9. After November 30 all user accounts will be closed and access to the exchange will be restricted. Users for whom Binance Jersey was the primary platform will continue to have all the platform features available on Binance.com.
1 user upvote it!