Binance, which claims to be the world’s largest cryptocurrency exchange, is looking to expand further and has announced it is launching a new operation in Jersey, Channel Islands. According to a memorandum of understanding signed with the Jersey government, the exchange is aiming to start a GBP to crypto trading pair arrangement.
“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment,” Changpeng Zhao, Binance’s founder said.
“With its local economy based on a major currency (GBP) and its close proximity to the UK and Western Europe, we are confident the co-operation with Jersey will not only benefit the local economy but also form a strong operational foundation for our expansion into the rest of Europe,” Zhao added.
The irony of this development is that the Channel Islands are fiercely independent of Europe and have always bolstered links with Britain. However, they also have their own banknotes and coins and are not strictly part of the United Kingdom, and instead designated as a crown colony.
Binance said that they would be creating around 40 new jobs on the island, including coding, compliance and, marketing.
“With the setup of the fiat exchange here, there will be a lot of interest from the blockchain universe looking at Jersey. We definitely want to bring Binance Labs into this region and invest out of here,” Zhou Wei, Chief Finance Officer at Binance, said.
The meteoric rise following an ICO has not, however, been entirely smooth. Japan’s regulators gave Binance an ultimatum in March, causing the exchange to search for a friendly jurisdiction.
Malta attracted their attention as they now prepare to add fiat trading pairs, with suggestions they have already secured a bank account in Malta.
This addition of Jersey to serve the British market may allow them to leap further ahead due to their extensive listing of crypto trading pairs, with Digital Jersey stating they will support Binance in “discussions on compliance with anti-money-laundering regulations, and to establish exchange licensing and local banking relationships.”
“It’s no coincidence that the first official function that I’m attending as the new Minister for External Relations is a creation of a symbiotic relationship between digital and financial services,” External Relations Minister, Senator Ian Gorst added.