Over the past few months, one of the leading cryptocurrency exchanges Binance has been on an “all-out expansion binge” and today’s announcement that the exchange is expanding to Jersey is the latest example. With a focus on offering an easy on and off ramps to the British pound and the Euro, Binance is a clear believer that the UK economy isn’t dead just yet.
The Chief Financial Officer at Binance, Wei Zhou spoke on the subject saying, “expanding the cryptocurrency exchange markets with fiat currencies in the European region is opening new economic opportunities for Europeans as well as freedom from looming Brexit uncertainty where the pound and euro are also in concern.”
In light of Theresa May’s historical Brexit deal being rejected by the majority last night in London, it is clear that Brexit has been a sheer disaster. But even so, the economic ramifications of the indecision has yet to be fully realised. According to one of the biggest newspapers in the nation, The Independent, £41 trillion in derivatives face an uncertain fate that hasn’t been confirmed despite the mass defeat May suffered last night in Parliament. Trillions more in contracts from Europe are on there way too.
The UK is looking at a gloomy future which isn’t shared with the EU and the independence of the UK and the European Union is holding an unusual position as a parliamentary democracy which is protected by the United Kingdom.
Binance & Jersey
The offshore financial centre, Jersey is known for its generous tax regulation and having a thriving economy built on the banking sector. Five years ago, it was also the first jurisdiction across the globe to give the go head for a regulated Bitcoin fund which was revealed as part of an initiative by the Jersey Financial Services Commission to become a global magnet for cryptocurrencies.
As reported by CryptoBriefing, the crypto exchange has faith in that Jersey will be a huge driving force as cryptocurrency usage gets more adopted throughout Europe and even thought eh hypothesis that the British people will flock to digital assets as the UK’s economy starts to receive the fallout of Brexit which is unproven so there is a clear sense that the exchange is filling the gap.
“Jersey has in place an existing legal and regulatory framework for cryptocurrency into which Binance Jersey easily fits,” said Zhou. “Jersey is an undisputed pioneer in blockchain development leveraged by this strong framework and talent pool. Binance Jersey hopes to increase Jersey’s competitive advantage in banking from other jurisdictions competing for cryptocurrency-related business as the island’s cryptocurrency regulation allows.”
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