If there’s one indication that the recently launched Binance Jersey is a big hit, it’s none other than the fact that the exchange is currently experiencing some backlogs when it comest to KYC verification process. Binance took to Twitter to express that they were overwhelmed by the slew of users who want to register to the network.
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
This prompted Binance to allocate more resource to reduce the backlogs as much as they can and reassures the public that registration prize of 20 EUR will be process on a first-in-first-out process.
For those who missed the news yesterday, Binance just launched a Binance Jersey, a fiat-crypto exchange that allows trading of Bitcoin and Ethereum with British Pounds (GBP) and euros (EUR). According to Wei Zhou, Binance CFO, expanding the crypto exchange markets with fiat currencies in the region will open new and better economic opportunities.
“Through Binance Jersey, we want to help bridge the crypto-fiat channel for Europe and the U.K. as part of our global expansion to support broader cryptocurrency adoption.”
Digital Jersey CEO Tony Moretta was delighted about the launch of Binance Jersey, as it has been six months since Binance Jersey and Binance have been collaborating on the project.
At a time when awareness and use of cryptocurrencies is on the up, to have such a well-respected platform in Jersey, backed by the island’s trusted regulatory framework, sets us up to become a key jurisdiction in this sector. We hope Binance Jersey will act as a springboard for even more opportunities in this area in the coming months and years.”
How to get started trading in Binance Jersey
First thing you need to start trading Bitcoin (BTC) or Ethereum (ETH) with GBP or EUR, check if your location is currently supported by Binance Jersey’s payment centers. If you are lucky enough and your jurisdiction is supported, you simply register with your email address and perform the KYC verification process.
Once you’ve completed the verification process, you can deposit your assets which can either be fiat or crypto. As soon as your assets are in place, you can start basic or advanced trading. Current trading pairs at Binance Jersey include BTC/GBP, BTC/EUR, ETH/GBP and ETH/EUR.
And yes, if you’re lucky enough to have finished the verification process and got into the platform before the 4999th user has registered, you can start trading now without any delays.