All accounts on Binance Jersey will be inaccessible as of Nov. 30.
Binance, the world's largest cryptocurrency exchange, announced that it will soon close down its Jersey-based subsidiary, Binance Jersey.
Binance launched its platform in Jersey as part of its expansion drive to tap into the European markets.
On Jan. 15, 2019, the exchange announced that Binance Jersey will allow fiat-to-cryptocurrency trading for European traders.
While the exchange aimed to make Binance Jersey a "Major driving force" in European markets, the market stats show that it fell short of its goals.
According to the latest CoinMarketCap data, Binance Jersey has a 24-hour trading volume of $164,470.
Binance Coin, the native token of the Binance ecosystem, has a combined GBP and EUR trading volume of only $5,133.
Binance will restrict new deposits of GBP, EUR and all supported cryptocurrencies on Oct 30.
The exchange will allow trading and withdrawals of all pairs and currencies until Nov. 9.
The exchange did not specify the exact reasons for shutting down operations in Jersey, but said its main exchange platform Binance.com "Will continue to offer services to citizens of Jersey through compliant banking channels."
Binance Jersey shuts operations less than two years after launch
Udgivet den Oct 19, 2020
by Cointele | Udgivet den Coinage
Coinage
Seneste nyheder
Se alt
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.