Binance Is Shutting Down Its Jersey-Based Subsidiary ‘Binance Jersey’

The world’s largest digital currency exchange Binance is going to shut down “Binance Jersey” which is its subsidiary based in Jersey. All of the operations have been reportedly closed down by Binance Jersey. A failure in trading volume on its platform is said to be the basic reason behind the closure of this exchange.

In an announcement, Binance has said that the deposit service on this platform will be closed down on October 30. After that, users will not be allowed to make new deposits of supported digital assets, Euro (EUR), and GBP on this platform. Also, the withdrawal and trading service is only available till the 9th of November and after that, it will also be shut down.

Moreover, the major cryptocurrency exchange said that the final shutdown is expected to occur on the 30th of November. After that, users of Binance Jersey won’t be able to access their accounts. Binance Jersey has stopped accepting new sign-ups. The citizens of Jersey will be provided with services via various banking channels by the main platform of Binance Jersey.

The leading digital asset exchange Binance entered into the European Markets with the launch of its subsidiary in Jersey known as Binance Jersey in January 2019. The fiat-to-crypto trading service for European traders was rolled out on January 15, 2019, by Binance on its Jersey-based subsidiary’s trading platform. Initially, at the time of launch, only the trading of Bitcoin (BTC) and Ethereum (ETH) was launched on Binance Jersey’s platform in pairs against Euro (EUR) as well as the British Pound (GBP).

Binance wanted to drive its expansion into the European markets through Binance Jersey. However, its trading volume could not pick up the pace and has disappointed the major cryptocurrency exchange. Reportedly, the 24-hour trading volume of Binance Jersey is $164,470 as per the data from CoinMarketCap (CMC). While on the other hand, the trading volume of the BTC/EUR trading pair is $76,597 and the trading volume of the ETH/GBP pair stands at around $46,974. More interestingly, the collective trading volume of Binance’s native token BNB together with GBP and EUR revolves around $5,133.

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