Mega crypto exchange opens fiat-to-crypto exchange on British island
Accepts transactions for BTC and ETH using euros and pounds
Could signal European expansion plans from Binance
One of the world’s largest cryptocurrency exchanges, Binance, has opened up a new fiat-to-crypto exchange in Jersey, a British-controlled island off of the coast of northern France.
Binance announced the news on its website, linking to a new binance.je site where these exchanges will take place. According to the announcement, the site accepts transactions for BTC and ETH with euros and the British pound, enabling “trading pairs … registrations, deposits and withdrawals.”
The location of this new exchange might be of particular significance for any European expansion plans Binance might have. The euro is not legal tender in the United Kingdom, yet the euro is a top priority for fiat currencies tradeable on this platform. A look at Binance Jersey’s jurisdictions page reveals that the exchange is supported by nearly every country in Europe, including several that are not in the European Union.
As an added bonus, the announcement claims that “the first 5,000 users to register and complete Account Verification (KYC) on www.binance.je will be rewarded with 20 euros.”
Ahead of announcing an official strategy for leveraging blockchain technology more widely, the German government has opened a process for receiving recommendations around the technology from local companies and industry groups. Germany is Europe's largest economy and Berlin is home to numerous blockchain startups. The solicited recommendations could lead to official legislative action in the near future.
ICOs emerged quickly as a popular model for crypto startups to raise funds, exposure and customer interest. But the world of ICOs took a nasty turn in 2018, with many projects that used the model unable to deliver on their promises to investors or turning out to be downright phony.
The group of technologists behind the NBA's Sacramento Kings mines ether at the Golden 1 Center arena where the basketball team plays. The team said that it uses profits from the mining operation to provide funding for the local community and it invites local students to see the rigs. The team also claims that the arena is the first sporting venue to accept bitcoin.