Binance opens fiat exchange, Binance.je now lets you trade BTC and ETH with GBP and EUR

oBinance has just made itself more significant today especially to those people who are new to the cryptocurrency as it officially launched the EUR/GBP fiat exchange over at Binance.je platform which is based in Jersey’s Channel Islands. This service will let you trade Bitcoin (BTC) and Ethereum with British points (GBP) and euros EUR.

This is a great move for Binance as it tries to compete with competitors in the crypto exchange market. The fiat exchange will spark the interest of potential traders, specifically non-financial people who are new to the crypto business. Most often than not, these people wanted to see a direct link between digital currency into fiat system without requiring to open cruptocurrency account.

Aside from cypto-fiat trading, Binance.je also accepts registration, deposits and withdrawals as of today. And to encourage more traders, Binance is offering a 20 EUR reward to the first 5000 users to register at www.binance.je. Users must complete account verification (KYC) process to qualify for the reward. The promotion is valid from January 16 to 31, 2019 only.

Members of the Binance community were delighted to hear the news on Twitter. Although some are haggling with Binance to include trading of XRP as well. Many are expecting that Ripple will be allowed to be traded as well, especially since Binance recently confirmed that XRP will be added as a base pair on its crypto exchange.

ETH and BTC trade with USD is also being clamoured by “binancians” although this might seem a far cry as of now due to some international regulatory impediments especially since the Binance.je platform is located in Channel Islands which is autonomous region that is not under U.K. or EU.

Still, it would be interesting to see how this announcement would affect trading at coinbase. Will there be an onslaught of users jumping over to binance now that direct crypto-fiat exchange has been enabled?

About Arnold Zafra

Arnold Zafra is a freelance tech blogger from the Philippines who is enthusiastic about cryptocurrency, decentralised apps and other emerging developments in the tech industry.