Binance is the world’s largest cryptocurrency exchange by trading volume. The company is already rapidly expanding its presence across Europe and the rest of the world. In its latest move, the company signed a memorandum of understanding with Digital Jersey. Another major step in the right direction toward global expansion of cryptocurrency.
Binance is on a Roll
Over the past few months the Binance exchange has made several headlines. The company has set up a headquarter in Malta due to the country’s favorable cryptocurrency and blockchain regulation. Compared to Asian countries, European nations are almost welcoming companies like Binance with open arms. Harsh regulation will drive companies away, and they will take their multi-billion dollar business with them.
Malta isn’t the only European country which shows a keen interest in cryptocurrency. The island of Jersey, while relatively unknown to most, is looking to make a splash as well. This effort is spearheaded by the Digital Jersey organization. The economic development association wants to put Jersey at the forefront of digital excellence.
Additionally, the country’s infrastructure lends itself to cryptocurrrency activity. With its working spaces, training courses, events, and fiber broadband internet access, Jersey is evolving quite quickly. This new collaboration with Binance will be beneficial to Digital Jersey as well. The association wants to build a blockchain infrastructure which can transform the island into a global hub for financial activity.
Another License on the Horizon
As part of this expansion, Binance will seek to obtain a license and a banking permit. Especially this latter part is of great interest. Opening up more fiat currency gateways for cryptocurrency enthusiasts can only be considered to be a good thing. This venture will also benefit Digital Jersey, as CEO Tony Moretta explains:
“Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015. We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”
For Binance, supporting GBP transactions is a major part of its global expansion plans. Jersey is also close to the UK and Western Europe, which helps the company solidify its market position. The exchange also plans to create around 40 additional jobs to boost the local economy in Jersey. All of this will help bring cryptocurrency to people around the world in the coming years. It is another example of how cryptocurrency is evolving as an industry.
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Author: JP Buntinx
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