By
Chimamanda U. Martha
April 19th, 2024
Only 24 hours after it launched, Binance CEO, Changpeng Zhao, has told customers that Binance Jersey has a massive backlog of KYC verifications and the company is bringing in extra resources to reduce it.
Zhao wroted that they have been overwhelmed with registrations but that here is a backlog of KYC verifications already.
https://t.co/THxfdd3RD2 is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the mean time, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy!
— CZ 🔶 Binance (@cz_binance) January 17, 2019
Trading on the latest platform, Binance Jersey should be available with pairs like BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR. Trading will be available to users after they have verified their account as per the KYC process. Binance CFO also claimed that the expansion into the European markets will provide “freedom from the threatening Brexit uncertainty where both, pound and euro are in trouble.”
Binance Jersey promised to reward its first 5000 registered users with EUR 20, so this may likely have contributed to the surge in the number of registrations. Or perhaps it is just evidence that there is demand for more fiat-crypto exchange services in the European market.
As the largest crypto exchange by trading volume, Binance already owns a large share of the global cryptocurrency trading markets and may have arrived early to dominate the European space.
As revealed in a press release announcing Binance Jersey, the exchange’s expansion to Europe could provide “freedom from looming Brexit uncertainty where the pound and euro are also in concern.” Cryptocurrencies will likely provide an alternative to shuttling between the two fiat currencies if Brexit finally happens.
Binance partnered with Digital Jersey last year to collaborate on initiatives supporting the island’s growing blockchain ecosystem. It said that Binance Jersey is also a part of the collaborative effort which aims to foster growth, such as developing local banking relationships and local talent.
Binance believes Jersey will be a major driving force of increasing cryptocurrency use in the European market.
Zhou said:
“Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits. Binance Jersey hopes to increase Jersey’s competitive advantage in banking from other jurisdictions competing for cryptocurrency-related business as the island’s cryptocurrency regulation allows.”
In light of Theresa May’s historical Brexit deal being rejected by the majority last night in London, it is clear that Brexit has been a sheer disaster. But even so, the economic ramifications of the indecision has yet to be fully realised.
According to one of the biggest newspapers in the nation, The Independent, £41 trillion in derivatives face an uncertain fate that hasn’t been confirmed despite the mass defeat May suffered last night in Parliament. Trillions more in contracts from Europe are on there way too.
The offshore financial centre, Jersey is known for its generous tax regulation and having a thriving economy built on the banking sector. Five years ago, it was also the first jurisdiction across the globe to give the go head for a regulated Bitcoin fund which was revealed as part of an initiative by the Jersey Financial Services Commission to become a global magnet for cryptocurrencies.
As part of the expansion of its token offering, Binance opened trading of two pairs using XRP as the quote currency last month.
Prior to that, Binance added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ), including native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), XRP (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). In addition, Binance also added a USDC trading pair with fellow stablecoin Tether.
The CEO of FX hedge fund Three Arrows Capital, Su Zhu, has said in December last year that Binance, the largest crypto exchange in the global market, is the most trusted among investors within the digital asset community. The truth is that since its debut, Binance has placed heavy emphasis on security and investor protection.
To this date, the exchange remains in a prestigious group of exchanges alongside Coinbase and a handful of other exchanges of not suffering a single hacking attack or a security breach since its inception.