Binance Announce to Shut down Its Subsidiary in Jersey

October 19, 2020 2:58 PM UTC

Binance, the giant crypto exchange, is looking to close down Binance Jersey from November 30. The exchange introduced the Jersey platform in order to expand its wings into the European regions. Market reports and industry inside data reveal that the exchange is unable to achieve its goals.

As announced by the exchange in January 2019, Binance Jersey will support crypto-to-fiat trading for European users. The exchange subsidiary offered trading support for major crypto assets, Bitcoin and Ethereum, against both euros and pounds, at the time of launch.

Over a period of 24-hour, Binance Jersey has a trading volume of almost $164,000, according to data from CoinMarketCap. BTC/EUR trading pair volumes are $76,597, and BTC/GBP volumes mark $46,974. Whereas, the data disclosed that Binance native token, BNB, has a trading volume of almost $5,133.

Although the exchange did not provide explicit detail about the closure of Binance Jersey, but state its main cryptocurrency exchange “will continue to offer services to citizens of Jersey through compliant banking channels.”

Binance Spot Trading Volume Rallied In Q3 

Spot trading volume of Binance hit an all-time high in the third quarter of 2020. Compared to the prior quarter, the giant crypto exchange surged its spot trading volume by approximately 110% to score the $306 billion threshold.

Furthermore, the futures trading platform of Binance has also been increasing in a linear pattern. After growing more than 43% quarter-over-quarter, Binance’s futures trading volume passed the $483 billion milestone. The growing trend of Binance reveals that retail investors are quickly interacting to trade digital assets.

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