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 collaborationwith 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.
Binance Crypto Exchange Completes Sixth BNB Burn; Over $9 Million Worth Gone
Binance recently made an announcement that said that they have burnt around 1.6 billion BNB coins.
The recent coin burn from Binance correlates with the fifth one, which happened between the period of 1st October and 31st December in 2018.
— Binance (@binance) January 16, 2019
The exchange went on to estimate that the number of coins destroyed during this event was worth $9.4 Million. Binance burnt a reported total of 1,623,818 BNB tokens. This detailed burn was for the period between October 1 and December 31, 2018.
For comparative purposes, the number is similar to the 1,643,986 BNB amount that they previously burned in their fifth round. The company’s CEO also acknowledged this in a Tweet.
Burn complete. I remember when I did the first burn of $1,500,000 USD equivalent in BNB, I was nervous as hell. Now, well, I am still nervous, lol. Fastest way to spend money. https://t.co/R6PL2cSURM
— CZ Binance (@cz_binance) January 16, 2019
“I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know. I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.”
Coin Burning In Cryptocurrencies
Coin burn in cryptocurrencies means sending some of the coins of native cryptocurrency or some other currency to a public address from which those particular coins can never be spent because the private keys of such an address are unobtainable.
This public address should be available on the blockchain for anyone to review such a transaction.
Coin burn is typically done for purposes such as:
- For making new tokens or coins (proof of burn).
- For rewarding the token or coin holders
- For destroying unsold tokens or coins after an ICO or token sale
New Binance fiat-to-crypto exchange with EUR and GBP pairs: open for 58 countries
Binance has today announced the launch of a new fiat-to-crypto exchange. On the Binance exchange based in Jersey, traders can now trade their Euros and British Pounds for Bitcoin and Ethereum.
Binance.je launches with four new pairs: BTC/GBP, ETH/GBP, BTC/EUR and ETH/EUR. All the pairs are already open for trading and customers can register and make deposits and withdrawals starting today.
Read more: Binance completed 6th coin burn, CZ shares his insight about market situation
Binance launches its new fiat-to-crypto exchange with a promotion: the first 5000 users to register and complete KYC receive 20 EUR.
GBP and EURO should be a big deal, right? https://t.co/d15yZS2uRl
— CZ Binance (@cz_binance) January 16, 2019
Not everyone is able to trade on the Binance Jersey exchange. Users from the following 58 countries are welcome on the fiat-to-crypto trading platform:
Argentina, Armenia, Australia, Austria, Azerbaijan, Belgium, Brazil, Bulgaria, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia
Eswatini (formerly Swaziland), Finland, France, Germany, Gibraltar, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Jamaica, Japan, Jersey
Latvia, Liechtenstein, Lithuana, Luxembourg, Macau, Malta, Mauritius, Mexico, Monaco, Netherlands, New Zealand, Norway, Peru, Poland, Portugal
Romania, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, United Kingdom, Uruguay
This means traders from the United States can not use the Binance Jersey exchange for now.
Read more: A promising Q1 ahead… What’s next for Binance and BNB?
Last year, Binance opened its first fiat-to-crypto exchange in Uganda, with UGX-BTC and UGX-ETH trading pairs. CEO Changpeng Zhao said in an interview that the company plans to open 5 to 10 fiat-to-crypto exchanges on five different continents in 2019. Singapore, Liechtenstein and Malta could be among the next countries where Binance will launch fiat-crypto exchanges.
Binance completed 6th coin burn, CZ shares his insight about market situation
Binance just completed 1,623,818 BNB token burn, which is valued around $9.4 million.
Binance just announced the completion of their 6th iteration of coin burning, mentioning the wipe out of a total amount of 1,623,818 BNB.
Despite having a pretty similar amount of BNB with the 5th iteration, the value of the most recent burn that corresponds to the last quarter of 2018 period shows a significantly higher amount in USD.
According to the announcement, the value of the latest burn is around $9.4 million, while the previous was $17 million, a difference that’s said to have caused by the “significant changes in the cryptocurrency landscape.”
Along with the coin burning information, the CEO, Changpeng Zhao (CZ) also shares his insight, how he sees the market situation and how Binance deals with it.
“I am not much worried about this market-driven movement. Markets always overreact. Around this time last year, the market overreacted too much on the positive side. I am hoping that this year, the market overreacted too much on the negative side, but you never know,” he said.
Moreover, he added, “I do know that, in the long run, the BUIDLers win. People who consistently work hard to create value, day in and day out, during both bull markets and bear markets, will eventually win. That’s our focus, it’s long term.”
CZ stated that his company has been pretty stable during both market “overreactions” by saying that Binance neither over hiring nor laying off staffs, yet still manage to “steadily growing in headcount”.
Lastly, he also shared his excitement towards Binance’s soon-to-be-launched projects, such as Binance Chain and Binance DEX, which he believes will boost the utility of BNB.