The world’s largest crypto exchange by trade volume, Binance, is expanding its European ambitions by heading to Jersey.
Hong Kong based Binance, which currently handles $1.6 billion in daily crypto trade, has announced that it will create 40 new jobs in Jersey, part of the Channel Islands. The move follows its initial move into European waters when the exchange setup shop in Malta at the end of March. The plan involves the signing of a memorandum of understanding with local organization Digital Jersey which aims to establish Crown dependent Jersey as an ‘internationally recognised centre of digital excellence.’
CEO of Binance, Changpeng Zhao, said that the move was the ‘next big step’ in its global expansion strategy;
“We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment. With its local economy based on a major currency (GBP), and its close proximity to the UK and Western Europe, we are confident the cooperation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”
The Binance Foundation will be providing training and support for the island’s blockchain ecosystem. Additionally Binance Labs will direct capital from its billion dollar venture fund toward local startups. The firm intends to open a cryptocurrency exchange on the island with the aid of its new partners. The establishment of local banking relationships and procurement of exchange licensing form the government will be provided by Digital Jersey.
CEO of Digital Jersey, Tony Moretta, stated;
“Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015. We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction. We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”
The success of Binance’s move to Malta demonstrated the effect the company has had following huge trade volume that flowed onto the island. At the time of writing Binance is the world’s leading exchange though OKEx is a close second with a similar volume of $1.5 billion.