Binance, the world's largest cryptocurrency exchange in terms of trading volume, launched a new exchange on the island of Jersey, a British self-governing dependency. On Wednesday, the company announced that thanks to the new exchange, users will be able to trade Bitcoin and Ethereum against the British pound and euro in Europe and the UK.
"Binance selected Jersey for its highly developed digital infrastructure, robust regulatory framework, and world-class financial services sector," said Wei Zhou, chief financial officer of the exchange.
He also explained that Binance Jersey is an organization independent of the parent company, but created using the same technology. According to Zhou, Binance Jersey "hires and will continue to hire" employees to perform various functions, including compliance with regulatory requirements.
The exchange worked with the government-supported Agency for Economic Development Digital Jersey in order to organize the exchange and create about 40 jobs on the island. For the first time, Binance entered into partnerships with the agency in June 2018. Changpeng Zhao, Binance CEO, said at the time:
"With its local economy based on a major currency (GBP), and its close proximity to the U.K. and western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe."