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Binance introduces new fiat-to-crypto exchange, targets European traders

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Binance is a global cryptocurrency exchange platform and one of the largest by far in terms trading volume. The firm has launched a new fiat-to-crypto exchange platform, dubbed Binance Jersey, on the island of Jersey. Through this new exchange the firm aims to target EU and UK traders. Binance Jersey, will operate as an independent entity to parent

Binance, founded in 2017, is considered to be one of the largest centralized crypto-to-crypto exchange platforms that command a huge chunk of the trading volume. The graph shows the 24-hour volume of the top ten exchanges.

Trading volumes in Centralised vs Decentralised exchanges
Source: InWara’s Annual Report 2018


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By collaborating with an independent digital firm in Jersey, Binance aims to deliver digital skills training and create jobs for the local population. This announcement comes as a surprise. 


Currently, a large share of the crypto market is dominated by centralized exchanges (such as Coinbase, Kraken, Binance, Bitfinex etc). However, companies like Binance started making initial strides towards launching their decentralized platform.


For the time being, decentralized exchanges have trouble with liquidity. As on decentralized platforms, there are not enough market makers who could attract a fair amount of takers which is why there is not enough liquidity to compete with centralized platforms.


InWara's Crypto exchange database is the single largest cryptocurrency exchange database globally. This database provides information on the security measures opted by each exchange, their KYC process details, transaction fee limits, trading volumes, and accepted payment methods and more.


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 Disclaimer: This is not financial advice. To know full details visit t&c

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