Leading bitcoin exchange Binance signed with the government of the island of Jersey, a Memorandum of understanding to launch a cryptocurrency exchange that will offer trading in pair with the British pound. It is reported Bitsonline.
“We chose Jersey as the next major step in our strategy of global expansion for the clear and friendly to cryptocurrency investment regulatory space”, — said CEO Binance, Chanpen Joao.
He noted that the economy of Jersey is based on such major currencies as the British pound, and the island is in close proximity to the UK and Western Europe.
“We are confident that cooperation with the Jersey not only will benefit the local economy, but will also serve as a powerful operational Foundation for our progress in the rest of Europe”, — said Joao.
Jersey Binance plans to open office of approximately 40 employees – from coders to marketing professionals and the legal regulation – and intends to work fully within the framework of local legislation.
“With the opening of the exchange with Fiat pairs to Jersey to be the center of attention from the blockchain space. We definitely want to have in this region Binance Labs and do out investments,” said chief financial officer Ju Wei.
Thanks to the extensive experience Campana Jiao not only the cryptocurrency industry, but also traditional financial markets on wall street, Binance attracted significant liquidity and quickly gained the status of one of the world’s largest exchanges. This experience also helped the company in March, when Binance has undergone a failed attempted burglary, but not only lost money, but, in fact, determine the location of the attackers.
At the same time, the exchange has experienced problems in Japan, which authorities eventually recommended her to another jurisdiction. This place eventually became Malta, where the company already has opened a Bank account and is currently preparing to launch trading in tandem with the Euro.
Further expansion and the arrival in Jersey doing the situation the exchange is even more durable, especially island authorities already promised her full support to bringing its activities into compliance with legislation against money-laundering, licensing and the establishment of banking partnerships.
Coinbase vs Binance
However, even more interesting is the arrival of Binance on Jersey and plans to launch trading in pair with the British pound looks from the point of view of the future strong competition with the American giant Coinbase.
To date, the California-based company has virtually no competitors in regard to buy cryptocurrencies for Fiat, but also very selectively refers to the process of adding new coins, offering a very limited choice of assets. However, opening the market to a large number of cryptocurrencies and giving opportunities to trade them for Fiat, Binance, while having a reliable banking support, it may challenge Coinbase and try to undermine its de facto monopoly.
Of course, Coinbase also does not stand still and in recent months made a number of important acquisitions, which could expand the services, but extensive financial capabilities and Binance.
It all promises quite an exciting competition, which is not possible, you can join the representatives of the traditional financial market.
As previously reported ForkLog, to date, the number of users Binance is 9 million people, despite the fact that at the beginning of the year there were 2 million In the first quarter of this year, the company earned $200 million with an average trading volume of between us $1.4 — $1.5 billion.
It should be added that the island of Jersey, and Malta also has a very friendly policy towards cryptocurrency industry. In October 2015 the government of Jersey issued document, which describes the national approach to the regulation of digital currency exchanges, ATMs and other services that connect digital currencies with traditional.
One of the most significant breaks for companies engaged in transactions with the virtual currency, was the abolition of fees and the need for business registration, if the annual turnover of the enterprise does not exceed 150 thousand pounds sterling.