Malta-based cryptocurrency exchange Binance announced yesterday the launch of a Fiat-to-Crypto trading platform yesterday, January 16, 2019. On Binance Jersey (Binance.je), customers can now trade the two crypto currencies Bitcoin (BTC) and Ethereum (ETH) against the British pound and the euro.
In June 2018, Binance CEO Changpeng Zhao spoke for the first time about the introduction of Fiat trading couples in an interview with Bloomberg. Shortly thereafter, Binance Uganda, the company’s first “fiat-to-crypto” project, was launched. However, the platform was limited exclusively to trade in the Uganda shilling.
With Binance Jersey, the company addresses a much larger potential clientele. People from tens of countries can register on the platform and the supported crypto currencies trade against EUR and GBP. Also customers from Germany, Austria and Switzerland are welcome.
So far, the number of trading pairs is rather meager compared to other stock exchanges. Binance Jersey currently supports trading in BTC / EUR, BTC / GBP, ETH / EUR and ETH / GBP. More couples will follow in the near future.
Deposits and withdrawals can currently only be made through a bank account. In addition, customers must undergo verification – also known as KYC. The first 5,000 users who register and perform Account Verification (KYC) on www.binance.je will be rewarded with a credit of 20 EUR.
Binance is considered one of the most reliable and secure exchanges for cryptocurrency trading. Just one year after the opening of the Binance Crypto Exchange, the company was the leader in terms of trading volume.