Binance Jersey is a cryptocurrency exchange that was created for trading fiat money (Euro and British pounds, in particular) to cryptocurrencies in Europe and in the UK. This is a subsidiary of the famous exchange Binance that supports cryptocurrencies only. However, the company decided to expand to the European market and launched the platform in January 2019 adding the capability to trade fiat thus creating new economic opportunities for the European citizens. In the conditions of the approaching Brexit uncertainty, the initiative was accepted well.
The European countries don’t hurry to introduce measures for the regulation of the cryptocurrency market, so Binance Jersey took advantage of this situation. The platform has turned into the offshore hub for ICOs and cryptocurrency ventures. In this way, the exchange has all reasons to become a driving force for the growing use of cryptocurrencies in the European market.
Jersey belongs to the Channel Islands and is recognized to be one of the leading offshore financial centers as it is a well-established jurisdiction where many companies and financial institutions are located. Taking into account a friendly attitude of Jersey to blockchain projects, Binance decided to settle in a jurisdiction where so many highly professional financial experts can be found.
Binance Jersey platform and technologies
The platform is a regulatory compliant subsidiary for traders who want to withdraw and deposit European fiat money, i.e. Euros and British pounds. The exchange operates within the framework that is administered by the Jersey Financial Services Commission. Though the exchange is an independent entity it employs the technical base of its parent company. It is fully based upon the technology that was created and supported by Binance. The platform is accessible on any mobile device. Also, it can be integrated with trading software and diverse trading bots via API.
The company pursues the goal to establish a secure cryptocurrency hub for traders. Employing a web-based trading platform, a powerful matching engine that is able to process 1.4M orders per second, and providing round-the-clock technical support, the company also offers OTC desk and asset management services. The customers can use a built-in wallet but the number of cryptocurrencies is limited.
Incorporating basic and advanced screen options, the resource suits different categories of clients and delivers a wide functionality for them. Apart from the usual features (order box, trading history, etc.), the advanced screen provides the charts with more details and popular indicators for technical analysis.
The customer support is ready to answer all questions of users from 50+ countries of the world. The full list of supported jurisdictions can be found on the website. The platform employs the ticket system for those who haven’t found the answer to their questions in the FAQs. Though it’s easy to submit a ticket, the customers can also apply to the support team contacting them via Twitter, Facebook, and Telegram. There is also a live chat on the platform. The customer support processes 95% of requests within 24 hours.
Binance Jersey security
Binance Jersey uses state-of-the-art storage technology providing maximum security for its users’ assets. The company promises a fast KYC procedure to its users. The person should provide personal information (name, age, nationality), proof of address, and proof of identity to the team of the exchange. It is recommended to enable Two-Factor Authentication (2FA) to protect your account. Additionally, there is a Whitelist feature limiting account withdrawals to whitelisted addresses.
The platform is rather resilient to hackers’ attacks and hasn’t suffered from cybercriminal intrusion yet. The hacking attempts made in March 2018 were detected by the automated systems of the exchange and were effectively curbed. The hackers tried to install API access secretly but were successfully exposed. There were other incidents as well, which were also detected and prevented before some damage was inflicted. The exchange uses efficient security systems but doesn’t reveal its security protocols, which should be the same as those implemented by its parent company Binance.com. The security protocols used by the exchange are entirely compliant with the regulations enforced by the Jersey Financial Services Commission.
Though the platform uses functionality and technologies developed by Binance, it still has fewer trading options than its parent project which helps to simplify the trading procedure. It means that even novices can trade on the platform easily.
Binance Jersey fees
The trading pairs include BTC/GBP, ETH/GBP, BTC/EUR, and ETH/EUR. It’s necessary to pass the verification procedure (KYC) to start trading. As the company continues to develop, the fees are often changing. The users have long enjoyed the promotion period, during which the deposits and withdrawal of Euros and British pounds were free. Previously, the deposit fee was 8 euro or 7 British pounds, while the platform charged 20 Euro or 20 British pounds for withdrawal. It may seem a bit high, but the fee didn’t depend upon the amount, so users could even benefit from the fixed fee in case of less frequent transfers. However, at the time of writing, the promotion period is over and the company has introduced a new price policy when users have to pay 0.48 EUR/0.25 GBP for depositing and 1.5 EUR/2.0 GBP for withdrawal. At this, the deposit limit is 20,000 EUR/GBP per day and the withdrawal limit is 10,000 EUR/GBP per day.
Binance Jersey also offers a referral program that urges its users to invite traders to Binance.je and get 80% of the referee’s trading fees. The person should only provide a referral link to new users. It’s also possible to earn referral payments when your referee is signed up via QR code or Referral ID.
In June 2018, the platform started partnering with Digital Jersey to work together on initiatives that contribute to the development of the ecosystem in Jersey. The company also tries to improve local banking development and establish connections in the location with a high concentration of financial firms. Wei Zhou, Binance CFO, said that creating the platform, the company wanted to bridge the crypto-fiat channel for Europe and the UK. It also became a part of the company’s global expansion policy.