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Binance Expands to Jersey on the Road to European Dominance

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.

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Binance liquidity on the rise as BitMEX’s grip on market loosens

According to data made available by crypto-derivatives analytics firm Skew, the $10 million daily average bid-ask spread on cryptocurrency exchange Binance has been falling steadily over the last week. This spread represents the difference in price between assets available for immediate purchase and immediate sale. Reporting a 0.71% spread on 19 February, Binance saw a dip to 0.55% over the week, marking a drop of around 16 basis points.

Binance

Source: Skew

Skew had also reported a 50 basis point drop between 6 January 6 and 4 February. This implies that liquidity on Binance is rising, as more buyers are matching with sellers on the cryptocurrency exchange across a larger range of prices. BitMEX, on the other hand, might be seeing liquidity that’s falling slightly, despite a drop of 5 basis points since last week.

Binance

Source: Skew

19 February saw a bid-ask spread of 0.25% on the BitMEX exchange, which dropped to 0.20% over the next four days. 24 February, however, saw a rise to the 0.22% level, something that could imply that fewer users are choosing to trade on BitMEX.

As AMBCrypto had previously reported, BitMEX users have continued to trust the exchange with their funds, despite multiple scandals and accusations over the past year.

In July 2019, the Commodities Futures Trading Commission (CFTC) had launched a probe into the derivatives exchange, accusing them of deliberately allowing American citizens to trade on the unregulated exchange. Later that year, the exchange accidentally leaked sensitive user data through an error applying a blind carbon copy protocol to its mass email servers.

Though Binance is still quite a way from reigning supreme against BitMEX, they are most definitely on the way. On the day of writing, Binance Futures saw a 24-hour volume of $1.24 billion, less than half of BitMEX’s $2.7 billion over the same period. However, considering the former’s rate of growth over the last few months, it might not be long before Binance takes the throne.

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Binance Now Supports Deposits and Withdrawals in Hong-Kong Dollars

Cryptocurrency exchange Binance has opened a fiat gateway for Hong Kong dollars.

Launched thanks to its partnership with Epay, Binance said on Monday that users can deposit and withdraw Hong Kong dollars from today for trading against supported cryptocurrencies.

Binance already supports euros and pounds sterling through Epay, a payments provider founded in Hong Kong in 2014.

The latest addition is something of a coup for the exchange, as banks in the jurisdiction are notoriously averse to offering accounts to cryptocurrency companies.

The local Gatecoin exchange closed last spring pointing the finger at a funds freeze by a payments processor after having difficulties finding banking for some time. While the firm attempted to survive using other payments services from outside of Hong Kong, it put down its eventual closing to not having ever got the frozen funds back.

Binance has been rapidly rolling out new fiat gateways in a push to serve local markets globally, having been a purely crypto-to-crypto trading platform until last autumn.

It most recently added 15 fiat currencies through a partnership with Israeli payments provider Simplex, and has previously added the national currencies of nations such as Russia, Ukraine, Nigeria and India.


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Binance Not Green Lit To Operate In Malta

  • There has never been a major crypto platform that has been given the green light by The Malta Financial Services Authority.
  • This includes one of the biggest platforms in the world, Binance.

There has never been a major cryptocurrency platform that has been given the green light by The Malta Financial Services Authority (MFSA). This recent announcement was mainly aimed at one of the biggest platforms in the world, Binance.

Last week, a public statement was issued by MFSA which highlighted that the platform “is not authorized by the MFSA to operate in the cryptocurrency sphere.”. It was also noted that despite live media reports, Binance isn’t actually based in Malta.

Big publications in the country have been referring to the platform as a Malta-regulated crypto business and even the MFSA itself has made similar statements before as it has previously highlighted:

“Following a report in a section of the media referring to Binance as a ‘Malta-based cryptocurrency’ company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorized by the MFSA to operate in the cryptocurrency sphere and is therefore not subject to regulatory oversight by the MFSA.”

It was further emphasised that operating a crypto related business in the nation requires a license by the MFSA under the Virtual Financial Assets Act.

It is well known that Binance is officially located in China. A police raid was supposedly done on the alleged offices for the platform which sent the cryptocurrency markets into extreme volatility however, the exchange has denied tonight reports as they stated at the time:

“The Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.”

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