Binance Will Close a fiat-to-crypto exchange Binance JerseyCryptocurrency exchange Binance has announced the imminent closure of its Jersey-based crypto-fiat trading platform, which was known as the Binance Jersey division in Binance documents.
The launch of Binance Jersey was announced in early 2019 as part of a plan to expand the exchange in the European market, or rather, as a ride for Binance to bypass the requirements of financial regulators and enter the European market. Initially, the Binance Jersey platform offered its customers the ability to exchange bitcoin and Ethereum for euros and pounds, although according to Binance Jersey analysts, the exchange had almost no users, as well as trading volumes - where Binance did not "fake" volumes and tried to show the real picture.
Binance Jersey was planned as a "major driving force" in the European markets, but data from CoinMarketCap indicate that this plan was never implemented, and all Binance statements in this direction were, as usual, fiction and deception of users. The turnover of the exchange in 24 hours in BTC / EUR and BTC / GBP pairs is about $ 165,000, and the volume of transactions with Binance Coin with the same fiat currencies is slightly more than $ 5,000. This is for the entire Binance Jersey platform and with all trading participants, in other words - the exchange had no users at all:
Binance Jersey will limit deposits in Euros, Pounds and all supported cryptocurrencies on October 30, 2020. Trading will be supported until November 9, 2020, and the complete closure of the platform is scheduled for November 30, 2020, when users will lose access to their accounts and trading activities, it is by November 30, 2020 that all funds must be withdrawn from Binance Jersey, and funds must be withdrawn from Binance now and never play with scammers.
The information about the closure of the branch on the island of Jersey was confirmed by the CEO of the company Changpeng Zhao on his official Twitter account: