Yet another Cryptocurrency exchange is coming to a stop, but this time not for legal reasons. In a surprise announcement, Binance, the world’s largest cryptocurrency exchange revealed that it would shut down its subsidiary in Jersey, Binance Jersey.
The exchange launched in Jersey as part of Binance’s plans to expand operations in the European markets. Trading went live on January 15, 2019, with fiat-to-cryptocurrency trading for European traders.
The company wanted Binance Jersey to be a “major driving force” for the European market, but the platform failed to meet its goal of driving in revenue.
At the time of writing, data from CoinmarketCap states the exchange has $261,504 in 24 hr trading volume. BTC/EUR and BTC/GBP trading pair volumes are $113,525 and $96,844 respectively. The exchange’s native token Binance coin (BNB) has a 24 hr trading volume of $406 for the euro pair and $15 for the GBP pair.
The exchange will halt deposits of GBP, EUR, and all supported cryptocurrencies on Oct 30. Trading and Withdrawals will remain live until November 9. The complete shutdown of the platform is scheduled for Nov. 30, after which, all user accounts will be inaccessible.
Binance said that the growth of Binance.com itself has “extinguished the rationale for Binance Jersey as a distinct exchange.”
However, it added that Binance.com “will continue to offer services to citizens of Jersey through compliant banking channels.”
Binance.Com offers GBP deposits through the UK’s Faster Payments scheme, along with SEPA deposits for Euro. Users in Jersey will be able to trade against both the currencies.
Expansion continues elsewhere
Meanwhile, Binance continues to expand in other regions and recently launched its Turkish Subsidiary that offers crypto assets in Turkish Lira. The exchange also maintains its other local arms like the one in Uganda.
As previously confirmed by the company, an exchange is also expected to be launched in the UK, and the firm has already started advertising for launch. It is however not clear when the platform will launch.