Binance launches EUR/GBP fiat exchange

Binance has officially launched its first euro and sterling fiat exchange, called Binance Jersey.

The new fiat-to-cryptocurrency exchange supports both the pound and the euro and is based in Jersey – a self-governing British island.

At the moment, it appears that the only accepted pairings are GBP to Bitcoin, EUR to Bitcoin, GBP to Ethereum, and EUR to Ethereum.

On the whole, it looks as though Binance Jersey should have relatively similar features to the regular Binance exchange, including the ability to deposit and withdraw funds as well as security features like two-factor authentication.

The official announcement revealed that users can now freely trade fiat for Bitcoin and Ethereum on the exchange. The announcement also detailed a competition in which the first 5,000 users to register and complete a Know-Your-Customer (KYC) test will be awarded with 20 euros.

The KYC test requires users to submit photo identification and a photo of a utility bill/bank statement. Users will also need to take a photo of themselves with a piece of paper that has the date of your registration wrote down.

Binance Jersey supports a number of European countries as well as some South American countries. However, it currently does not support users from the US or countries like China or Japan. A full list of supported countries can be found here.

Following an announcement posted on Binance’s Twitter page, Binance CEO Changpeng ‘CZ‘ Zhao responded by writing: “GBP and EURO should be a big deal, right?”

It remains to be seen whether other pairings will be added to Binance Jersey in the future. The news should still come as a pleasant surprise to cryptocurrency enthusiasts in the UK and Europe.

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