Crypto trading has taken the back seat in the digital economy in 2022, with the market remaining under the bears' control for most of the year. Furthermore, traders have seen their faith rocked by the consecutive failures of centralized exchanges. These intermediary marketplaces have been the powerhouse of the industry since its humble beginnings. Now, they seem to crumble under mounting allegations of scams, lawsuits, and solvency concerns. Meanwhile, they make a convincing case for the imminent decentralization of crypto…
Binance Jersey, a fiat-to-crypto exchange targeting EU and UK traders, has been reportedly shutting down. As per the company’s new announcement to Coindesk, Binance Jersey will disable all the local deposits on the 30th October platform. At the same time, the trading and remaining services will cease to run on 9th November. The announcement further states the hard shutdown along with disabling all the user accounts by 30th November.
Started in January 2019
Based on the island of Jersey, the fiat-to-crypto exchange started its services in January 2019, targeting the UK and European traders. Thus allowing the said users to trade limited cryptocurrencies against the euro and the British Pound. It was also claimed to be an independent entity from the crypto giant Binance.com.
However, just in two years of its services, the exchange shuts down all of its operations. Even though the exchange didn’t specify any reasons for the announcement, it could be cited to the growth of services on its parent entity Binance.com. Binance’s global website also offers trading pairs against the British Pound and the euro. Thus making it absolute for Binance Jersey to operate as a distinct exchange. Although the Jersey subsidiary is shutting down, the users in the said region will trade on Binance’s main exchange.
Other local arms and supported fiat currencies
Simultaneously, other local entities are still running in nations such as Turkey, Uganda, and the US. Just a month ago, the exchange announced its presence in Turkey with the launch of Binance TR. Thus letting the Turkish citizens deposit and withdraw Turkish lira (TRY) and trade cryptocurrencies against the local currency. A fintech company called BN Teknoloji A.Ş is operating the exchange’s Turkish arm and is live on trbinance.com.
Earlier this year, Binance also added support for additional 15 fiat currencies via Simplex. These 15 fiat currencies now supported on Binance includes Pound sterling (GBP), South Korean won (KRW), Russian ruble (RUB), Australian dollar (AUD), Swiss franc (CHF), Czech koruna (CZK), Danish krone (DKK), Norwegian krone (NOK), New Zealand dollar (NZD), Polish złoty (PLN), Swedish krona (SEK), Turkish lira (TRY), South African rand (ZAR), Hungarian forint (HUF), and Israeli Shekel (ILS).