Binance, the world’s largest cryptocurrency exchange, has announced that it will soon close its Jersey-based Binance Jersey Company.
Binance launched its platform in Jersey as part of the station to expand into European markets. On January 15, 2019, the stock exchange announced that Binance Jersey would allow European traders to exchange fiat currencies for cryptocurrencies. At the launch, the stock exchange supported trading in Bitcoin (BTC) and Ether (ETH) against both the euro and the British pound.
Although the stock exchange tried to make Binance Jersey “the most important driving force” in European markets, statistics show that it has not reached its goals. According to the latest data from CoinMarketCap, Binance Jersey’s 24-hour trading volume is $ 164,470. The sizes of the trading pairs BTC / EUR and BTC / GBP are $ 76,597 and $ 46,974, respectively. The Binance coin, the original symbol of the Binance ecosystem, has a combined trading volume of only $ 5133 to € 5133.
The Binance platform will limit new deposits in pounds, euros and all supported cryptocurrencies on October 30. After the deposits have been suspended, Oslo Børs will allow trading and withdrawal of all pairs and currencies until 9 November. The final closure of the platform is scheduled for November 30, after which all user accounts will be inaccessible.
The exchange did not give precise reasons for closing down the business in Jersey, but said that the large exchange Binance.com “will continue to offer services to the citizens of Jersey through the relevant banking channels.”