Binance Jersey closes operations less than two years after launch

All accounts at Binance Jersey will be inaccessible as of November 30th.

Binance Jersey closes operations less than two years after launchNOTÍCIAS

Binance, the world’s largest exchage of cryptomorphs, has announced that it will soon close its Jersey subsidiary, Binance Jersey.

Binance launched its Jersey platform as part of its Bitcoin Revolution expansion effort to explore European markets. On January 15, 2019, the exchange announced that Binance Jersey would allow European traders to trade fiduciary currency for cryptomime. At the launch, the exchange supported trading Bitcoin (BTC) and Ether (ETH) against euros and pounds sterling.

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Although the exchange aimed to make Binance Jersey a „major driving force“ in the European markets, market statistics show that it fell short of its objectives. According to the latest data from CoinMarketCap, Binance Jersey has a 24 hour turnover of $164,470. The volumes of the BTC/EUR and BTC/GBP trading pairs are $76,597 and $46,974, respectively. Binance Coin, the native Binance ecosystem token, has a combined turnover in pounds sterling and euros of only US$ 5,133.

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Binance will restrict new deposits of GBP, EUR and all cryptomotes supported on October 30th. After suspending deposits, the exchange will allow all pairs and currencies to trade and withdraw by November 9th. The final shutdown of the platform is scheduled for November 30th, after which all user accounts will be inaccessible.

The exchange did not specify the exact reasons for closing the Jersey trades, but said its main exchange platform Binance.com „will continue to offer services to Jersey citizens through compatible banking channels.