Binance, the world’s largest cryptocurrency exchange by daily trading volume, yesterday launched a crypto-to-fiat trading platform in Jersey, enabling British pound and euro trading pairs with Bitcoin.
The exchange was opened on the self-governing island of Jersey, acting as the exchange’s first fiat-to-crypto outpost, with a focus on serving the UK and Europe.
Within less than 24 hours following the launch, Binance CEO Changpeng Zhao (CZ) has said that the exchange is already overwhelmed with registrations.
The first 5,000 users to register and complete Account Verification (KYC) will be rewarded with 20 EUR, but it seems the incentive combined with the lure of a fiat Binance exchange has caused unprecedented demand. CZ took to Twitter to explain.
CZ also addressed the issue that many cryptocurrency-related businesses have taken a big hit from the bear market and have experienced massive layoffs. He stated that Binance has never had any layoffs; instead, they have been steadily growing their team and building new products and services.
For instance, CZ is very excited about the new fiat on-ramps they are building in big markets such as Europe and Asia.
This isn’t a first for Binance, last year it opened up similar operations in Uganda, with UGX-BTC and UGX-ETH trading pairs. According to CEO Changpeng Zhao AKA CZ, this is just the start, with further plans to open 5-10 fiat-to-crypto exchanges across 5 continents this year.