Binance, the world's largest cryptocurrency exchange, announced that it will soon close down its Jersey-based subsidiary, Binance Jersey.
Binance launched its platform in Jersey as part of its expansion drive to tap into European markets. On Jan. 15, 2019, the exchange announced that Binance Jersey would allow fiat-to-cryptocurrency trading for European traders. At launch, the exchange supported Bitcoin (BTC) and Ether (ETH) trading against both the euro and the British pound.
While the exchange aimed to make Binance Jersey a “major driving force” in European markets, the statistics show that it fell short of its goals. According to the latest CoinMarketCap data, Binance Jersey has a 24-hour trading volume of $164,470. BTC/EUR and BTC/GBP trading-pair volumes are $76,597 and $46,974, respectively. Binance Coin, the native token of the Binance ecosystem, has a combined pound and euro trading volume of only $5,133.
Binance will restrict new deposits of pounds, euros and all supported cryptocurrencies on Oct. 30. After suspending deposits, the exchange will allow trading and withdrawals of all pairs and currencies until Nov. 9. The platform’s final shutdown is scheduled for Nov. 30, after which all user accounts will be inaccessible.
The exchange did not specify the exact reasons for shutting down operations in Jersey but said its main exchange platform, Binance.com, “will continue to offer services to citizens of Jersey through compliant banking channels and a wider range of trading pairs with deeper liquidity.”