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Cryptocurrency Exchange Binance Expands to New Jersey

The unpredictable nature of the world of cryptocurrencies either encourages parties to learn more and participate, or creates a bubble of apprehension. The volatile nature of cryptocurrencies do make it a risky environment; however, while some companies are staying away from indulging in blockchain technology, others are not missing any chance to collaborate and create a larger market for digital currencies to flourish.

While some governments and financial institutions might have lost their faith in blockchain technology and chosen to dissociate with it, others have made bold step towards supporting cryptocurrencies due to their belief in its potential. Digital Jersey, which is New Jersey’s economic development agency has just signed a Memorandum of Understanding (MoU) with Binance to develop a compliance base and cryptocurrency exchange in Jersey. Though, this is not Binance’s first international expansion. After recently setting up headquarters in Malta, their new location in Jersey serves as the perfect middle ground between UK and Europe. With such a geographic location and large user base, the only way to go for both entities is North.

According to the report, Binance also plans to obtain a banking permit that will allow aficionados to increase their participation and investment in the blockchain world. Their relationship seems to be mutually beneficial as CEO of Digital Jersey, Tony Moretta said,

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.”

Binance and Digital Jersey have shown immense faith and a level of expertise in Blockchain technology that can only be developed by engaging in the industry for a substantial amount of time. Since they chose to further propel their engagement in the cryptocurrency business, it shows they believe ups and downs are simply part of the show and nothing to be too alarmed by.

CEO of Binance, Changpeng Zhao said,

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.”

Digital Jersey aims to put Jersey on the map of cryptocurrency world and cutting edge technologies. Tony Moretta – who serves as the CEO of Digital Jersey helped spearhead this initiative with Binance with high hopes. On the other hand, Binance located in Hong Kong, is one of the largest, international, multilingual crypto exchange platforms. It was founded by Changpeng Zhao, who also serves as the CEO. After launching Binance last year, Zhao have started multiple initiatives to create its global empire.

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Sakshi Viswanathan

A professional of Economics and Psychology, Sakshi is also a blockchain and crypto enthusiast. When she isn't learning more about the world of digital currencies, she likes to spend her time dancing, or trying her hand as an amateur baker!

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