Binance Jersey, the UK and Europe focused offshoot of leading cryptocurrency exchange Binance has recently revealed that it will soon shut down its operations.
Since its launch in January 2019, Binance Jersey supported fiat-to-crypto trading pairs such as Euro (EUR) or Pounds (GBP) to Bitcoin (BTC) and Ether (ETH) for traders in the UK and other European countries.
Although the response at the time was an indication that Binance Jersey saw a welcome embrace as users flocked in for registration under 24 hours after launch, CoinGecko data shows that the exchange reported a daily volume of just $265,832 across six trading pairs.
Explaining the reason for the sudden closure, Binance CEO Changpeng Zhao noted that traders using Binance Jersey already have access to better fiat gateways on the parent exchange, Binance.com.
The reason is: better fiat gateway already supported by https://t.co/ukvU1dD0G1.
No loss of features to users. https://t.co/NakZUER41u
— CZ Binance (@cz_binance) October 19, 2020
When can I withdraw funds from Binance Jersey?
According to the exchange, traders can still trade and withdraw their funds on Binance Jersey for all currencies and pairs until November 9. Once trading service is halted, users will have until November 30 to withdraw all their funds, after which they will no longer have access to their Binance Jersey accounts.
Binance continues to lead the crypto exchange sector and is constantly developing products to improve users’ experience. With the DeFi craze still on, Coinfomania reported last month that Binance launched a $100 million fund to bridge the gap between decentralized finance and centralized finance on the Binance Smart Chain.
Author: Ruth Shadrac