Crypto Competition in Europe Increases: the Arrival of Binance
Europe is quickly attracting both old and new players from the crypto market. The newest addition is major cryptocurrency exchange Binance, which has launched crypto trading market Binance Jersey for Europe and the UK which offers support for Euro (EUR) and British Pound (GBP), paired with Bitcoin (BTC) and Ethereum (ETH).
Wei Zhou, Binance CFO, said in the official press release, “Expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern. Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the UK as part of our global expansion to support broader cryptocurrency adoption.”
The exchange chose Jersey, a Crown dependency, as the island is already home to multiple cryptocurrency ventures, including GABI, the world’s first regulated Bitcoin fund launched in 2014. The island, located near the east coast of Normandy, will be a major driving force of increasing cryptocurrency use in the European market, Binance believes.
Zhou adds, “Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits. Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool. Binance Jersey hopes to increase Jersey’s competitive advantage in banking from other jurisdictions competing for cryptocurrency-related business as the island’s cryptocurrency regulation allows.”
Jersey is far from the only location in Europe where both cryptocurrencies and blockchain thrive. For example, Binance has previously shown interest in moving to Malta.
Meanwhile, another major exchange, Coinbase, in October opened a new office in Dublin as part of a contingency plan to continue to have access to the EU post-Brexit. Zeeshan Feroz, Coinbase's UK boss, said the EU was the cryptocurrency firm's "most significant market outside the US," CNBC reported at the time.
As of the time of writing, Binance is the largest cryptocurrency exchange by 24-hour trading volume with fees, with a trading volume of around USD 740 million. The company now has several locations including one in Uganda, where they started a fiat-to-crypto exchange which accepts deposits in shilling, the local currency.
Top 10 markets on Binance: